Obama’s Housing Relief Program, Making Home Affordable, Reaches 1 in 5 Borrows
Posted on | November 11, 2009 | 2 Comments
The “Making Home Affordable” plan that Obama revealed in February got off a sluggish start, but after some time and consideration is taking off! 920,000 loan modification offers have been sent to 3.2 million homeowners. Qualifying homeowners are attaining more affordable mortgages, thus keeping them in their homes, and avoiding foreclosure. In California alone 19% of homeowners have been enrolled in the program. While the program does appear to be working now it is worth $50 billion and some are disappointed in its outcome for all the money that has been spent on it.
Currently most home owners who are enrolled are in a preliminary or “trial” enrollment. This enrollment in the program will last 3-5 months where the home owners must prove that they are capable of making their payments on time. If these homeowners decide they want to stick with the program they must fill out a lot of paper work and be carefully considered for approval.
While Obama had a high goal of helping 3 to 4 million citizens with this plan within three years, many economist doubt that he will be able to reach this goal. While the program holds a lot of incentive for citizens and could help many through a tough time- sadly enough most citizens who are in a tough situation with their mortgage either don’t want to admit it, or are too lazy to apply for the program.
The program cannot reach every citizen in need but is helping those whom it can reach. Despite a slow take off when it was first introduced “Making Home Affordable” is beginning to show signs of improvement as it reaches to more and more citizens across more and more states. Hopefully in time, the program will allow for fewer foreclosures and more loan modifications.
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Author: Sylvia Wayne
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2 Responses to “Obama’s Housing Relief Program, Making Home Affordable, Reaches 1 in 5 Borrows”
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November 12th, 2009 @ 10:52 am
Where is the evidence that homeowners are “too lazy” to apply for the program? There are a number of reasons why people may not apply but to lump them under “laziness” is really quite a leap.
November 12th, 2009 @ 2:42 pm
Nice post, making home affordable is more to help investor than homeowners. And it still requires investor participation.