In February 2009, the Obama Administration introduced the Making Home Affordable Loan Modification Program. In the first year, over a million people received modifications, and they saved an average of $500.00 a month on their house payments. The program is on track to assist 3-4 million people before it ends on December 31, 2012. President Obama has adjusted the program to accommodate people who are unemployed or owe more on their home than it is worth.
People, who qualify for a reworked mortgage through this program, but are unemployed, have previously seen their applications rejected, most of the time. The application process has been characterized by a two-fold approach: showing financial hardship and showing financial stability in the ability to pay the reduced payment in the future. This is the first overture made to help homeowners who are completely without employment.
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The government is simply stepping it up a notch, and this will benefit people who have been hit by the downwardly spiraling economy. They are increasing the level of assistance available to troubled homeowners through the program.
There is also another program in the early stages that provides a specialized aid to areas the most widely hit by economic problems. It is funded through the Emergency Economic Stabilization Act of 2008 ("EESA".) It provides funding for programs tailored for specific locales to prevent foreclosure. It is called, "The HFA Hardest Hit Fund." The President has made the Loan Modification Program a lot more accessible for everyone. Now, more distressed homeowners will be able to save their home.
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