The Obama administration announced this morning it is extending its key foreclosure prevention program through December 2015.
The Making Home Affordable Program, created in 2009, has helped 112,804 Florida homeowners with reduced monthly mortgage payments, including nearly 50,000 in South Florida. It was scheduled to sunset at the end of this year.
But of the $29.9 billion dedicated to the program, just $5.2 billion has so far been spent.
This morning’s announcement was done to align with extended deadlines with the federal refinancing program and streamlined modification initiatives, according to a press release.
“The housing market is gaining steam, but many homeowners are still struggling,” said Treasury Secretary Jacob J. Lew. “Helping responsible homeowners avoid foreclosure is part of our wide-ranging efforts to strengthen the middle class, and Making Home Affordable offers homeowners some of the deepest and most dependable assistance available to prevent foreclosure.”
Since its March 2009 launch, about 1.3 million homeowners have been helped directly by the program. The median savings per homeowner has been $536-a-month.
For more information, go to www.MakingHomeAffordable.gov or call 1-888-995-4673.
This entry was posted
on Thursday, May 30th, 2013 at 10:33 am and is filed under Foreclosures, Housing boom, Mortgage fraud, Mortgages, Real estate bust.
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