Posted Wednesday, November 18, 2009
When the Obama administration launched the "Making Home Affordable" program last March, it said the program would help as many as nine million homeowners stay in their homes. At this point, it has only helped about 650-thousand--and for most of them, the help is temporary and may end in a matter of months. To make matters worse, it seems to be having only a marginal impact in Ohio. On the Next Sound of Ideas, why the foreclosure avoidance program doesn't seem to be helping. Wednesday morning at 9 on 90.3.
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I frined of mine tried to refi with this program and was told that she has to be delinquent before she can qualify, is that true?
That is not true. While it was not discussed much on the show this morning, in addition to HAMP (Home Affordable Modification Program) there is HARP (Home Affordable Refinance Program). HARP is specifically designed for homeowners who are not behind on their mortgage but are unable to refinance because of tightened credit standards and/or because they have very little equity (or might even have negative equity) in their home. Like HAMP, however, borrowers are strongly encouraged to seek out a HUD certified housing counselor.