It may have been well intentioned, but the Making Home Affordable Program is not having the desired consequences.
According to this AP article, more than a third of the borrowers who have enrolled have dropped out of the program already.
What will most likely happen with most of these owners is they will either foreclose or attempt a Short Sale. We've already had many phone calls from people who tried this program and have decided a Short Sale is a better way to go.
You can read The entire article at the Denver Post:
WASHINGTON-The Obama administration's flagship effort to help people in danger of losing their homes is falling flat.
More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes.
Last month alone,155,000 borrowers left the program-bringing the total to 436,000 who have dropped out since it began in March 2009.
About 340,000 homeowners have received permanent loan modifications and are making payments on time.
You can see all Denver HUD Homes here.
Good post and good data!
And I hope they do decide to short sale. I've currently got 15 short sale listings and am looking for more!
;-)
I do believe that this administration wants every business sector to have to rely on them for relief. The only way you can survive is with their help. They will create these wonderful sounding programs that give us all hope - but some how never pull us out of our dilemma.
I THINK THAT'S BULL-DO-DO!