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.
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.