IS THE MAKING HOMES AFFORDABLE PROGRAM WORKING
According to recent figures released by the Federal Housing Finance Agency (FHFA) few struggling homeowners have successfully permanently modified their home loans through President Obama's Making Home Affordable Program. This program was originally touted as providing assistance to between 4 and 5 million people wishing to avoid preventable foreclosures by modifying their home loans. Through December of 2009, only 66,465 homeowners have permanently had their loans modified. That is only 8.4% of the 902,620 trial loans that were deemed eligible to qualify for the program. The original stimulus program passed by Congress and signed into law by President Obama on March 4, 2009, established a $75 Billion Fund to help banks provide assistance to these struggling homeowners. North Dakota had the fewest modifications with only 15 loans permanently modified under this program. In the State of Colorado, 1,072 homeowners successfully obtained permanent loan modifications. Not a large number when you consider that 46,394 Colorado homes were subjected to the foreclosure process in 2009. However, some slightly good news is that the number of homes actually sold by the Public Trustee, went down to 20,437, a decrease of 4.1% from 2008. From the figures presented, it appears that most of the banks are simply not willing to modify these mortgages, despite the government handout. If you are struggling to make your payments and have not been successful in negotiating with your lender, contact a professional real estate agent today, for a list of other options.