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.
Please follow our community discussion rules when composing your comments.
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.
Watch the Sound of Ideas during the broadcast - view now! Live video stream available during normal broadcast, Mon-Fri, 9-10 AM (EST).
Every weekday at 9:00 AM (EST), The Sound of Ideas reports the news, explains the news, and sometimes makes news. The Cleveland Press Club awarded it “Best Radio Show” in Ohio and thousands daily find it to be an indispensable source of information about what’s most important to Northeast Ohioans.
Weekdays 9:00 AM
The Ohio Channel
Weekdays 9:00 AM
Funding for Ideas/Sound of Ideas comes from The George Gund Foundation, The Cleveland Foundation, Eaton, the George W. Codrington Charitable Foundation, The Robert O. and Annamae Orr Family Foundation, and the Nord Family Foundation.