Problems with the Making Home Affordable Program

June 11, 2009

NPR’s All Things Considered recently reported on the Making Home Affordable initiative signed into law by President Obama in March.  Though the plan promises to help 4-5 million homeowners, so far it has successfully modified only 17,000 mortgages.  For many Americans, applying for help through the initiative has turned out to be a confusing and complicated process.

You can listen as NPR’s Planet Money team follows the struggle of one young couple applying to the program HERE.  To see if you qualify for the Making Home Affordable plan, CLICK HERE.

If you or someone you know is facing foreclosure, contact a HUD-certified housing counseling agency to seek help.  To find one, call United Way’s 2-1-1 referral service at (800) 427-4626.


Eric Madkins: There IS Help Available

November 3, 2008
November 3, 2008

Eric Madkins, of the Urban League of Metropolitan St. Louis, is a certified HUD housing counselor and the Director of Housing and Foreclosure Intervention. In this post he talks about the importance of being proactive in addressing your mortgage situtation:

The housing market has seen many ups and downs as home values continue to decrease, which leaves many homeowners with negative equity. Recently, a lot of borrowers that we encounter often ask, “Will the market ever reach the bottom?”  The answer is somewhat esoteric at this point, because there really isn’t a specific date or timeline for the end or the beginning of a turnaround. However, in the meantime, based on experience in working with hundreds of lenders and loan services, homeowners do have options, if they are having difficulties making their mortgage payments.

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When all else fails and foreclosure looms, bankruptcy attorneys say give them a chance

July 24, 2008
July 24, 2008

Originally published by The St. Louis Beacon on Wednesday, July 23, 2008:

By Mary Delach Leonard, Beacon staff

Which is worse: Foreclosure or bankruptcy?
Sometimes, the rock can be better than the hard place, insist bankruptcy lawyers. It all depends on an individual’s situation. And, they add, financially distressed consumers unable to negotiate a loan modification with their lenders might not think about bankruptcy as an option.

After reading the Beacon’s coverage of the mortgage crisis, attorney Rory Ellinger of Ellinger and Associates of O’Fallon, Mo., suggested a story about how Chapter 13 bankruptcy can be used to stop a foreclosure.

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