With 2.5 million US homes currently in foreclosure proceedings and another 1.5 million delinquent the housing crisis hits a very scary crunch this month. The new Home Affordable Modification Program has been swept under the rug. The administration estimated helping three to four million struggling homeowners. In realty fewer than one million mortgages have been modified.
These numbers are shocking. Why is this program so under used? Is it hidden from the public? Is it difficult to be approved for the program? I would assume that the program would be flooded with applications requesting assistance.
If our home were at risk I would be first in line to ask for help in order to protect my home and my family. Are homeowners not being offered or told about this program, this help that is out there?
I found this infographic and thought it might be helpful. Though it it is through a Canadian company the information applies everywhere.
Do you know anyone that is facing hard times and possible foreclosure? Have they heard about the program?
Do you think maybe this program was approved by the administration to appease the voters and supporters only to be hidden from people that may actually need it due to lack of funding? What are your thoughts and opinions on why this program is barely used?
Please share this via all the available methods to help spread the word in case a family out there is in trouble and have not heard about this program!
About Miranda Sherman
Thank you so much for sharing. I don’t even live in a house but I am aware of the great crisis and I appreciate a meaningful post. Have a nice day.
Thank You. I saw those statistics and was blown away. I don’t think this information is being shared with struggling homeowners, and sadly I think it’s on purpose. I hope this is shared and hopefully reaches those that need help.
The program is administered by mortgage servicers, who have no interest in promoting it, because they make money on higher payments (ie a late payment is higher due to late fees, so they make more money on late payments). This is a great article I read on foreclosures today (it is long, but worth it). http://www.propublica.org/article/the-great-american-foreclosure-story-the-struggle-for-justice-and-a-place-t/page1“