Foreclosure Program (photo by Jeff Turner)
Obama’s foreclosure program is struggling to succeed as some 40 percent of homeowners who eagerly enrolled initially have dropped out.
“…1.3 million enrolled in foreclosure program…”
Since March 2009 almost 1,300,000 homeowners had enrolled. As of last month that figure was reduced by 530,000 who all felt that the foreclosure program wasn’t working for them.
“…latest foreclosure program report…”
The latest report on the Obama administration’s flagship foreclosure program suggests that foreclosure prevention measures will struggle and partly fail as a rise in the number of properties in foreclosure is expected for the second half of this year.
Officials from the Treasury believe that only a small proportion of the borrowers who have left the foreclosure program will need mortgage help to prevent foreclosure.
However, some analysts are predicting a fresh wave of properties in foreclosure that could have a serious negative impact on the US housing market.
“…a brighter note for the foreclosure program…”
On a brighter note, some 30 percent of those who started the foreclosure program are now in receipt of loan modifications and are able to make their more manageable mortgage payments on time.
Related Posts:
- Homeowners Try To Prevent Foreclosure While Bank Of America Keeps Filing
- Foreclosure Prevention: Is The Home Affordable Modification Program Enough?
- The Mortgage Modification Program – Homeowners Lower Their Home Loan Payment
- Foreclosure Help Overwhelmed, Michigan Aid Program Facing Problems
- Prevent Foreclosure Penalties – Fannie Mae Cracks Down
