Despite criticisms that the current administration has received over the Making Home Affordable Program, it seems that the program finally is making progress.
On February 18, last year, when the Loan Modification Program was first announced, the government made a goal to keep around 4 million Americans in their homes and prevent foreclosures.
Then 6 months later on its performance report the program was said to be 'on pace.' But by November, the administration was already putting pressure on mortgage companies for non-compliance.
When a detailed report hit the internet on December, it showed that only 66,465 permanent indian payday loans modifications had been granted and another 46,000 had been approved, representing only a wretched 3% of the estimated eligible mortgages.
The sluggish pace seems to leave the administration far behind its goal and a lot of American homeowners in despair. There appears to be no apparent explanation as to why the modifications are so slow. Blame kept being passed around between cryptic bureaucrats, predatory lenders, and homeowners in denial. More foreclosures were predicted down the road.
However, since the start of this year, a semblance of order has been seen emerging. Fewer residents are losing their homes, and a number of homeowners behind their mortgage payments have decreased. This may be in part because borrowers now have a better understanding of the tribal personal loans Modification Program than they did a year ago. Also, lenders are improving and continue in increasing their numbers. More information and is being passed around, although not less blame.
"Struggling families are receiving payment relief and the housing market is showing signs of stabilization," said Phyllis Caldwell, chief of Treasury's Homeownership Preservation Office.
Although it wouldn't be exactly precise to say that Obama's Loan Modification is performing as expected, it wouldn't exactly be correct to say that there's no progress either. With everyone (administration, homeowners, private lenders, etc.) struggling to balance things out, the foreclosure crisis might be on the path to recovery.
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