December Housing Scorecard Shows Continued Home Affordability

“The Obama Administration’s broad set of programs have helped promote stability for the housing market, neighborhoods, and the nation’s homeowners, but there is much more work to be done,” said HUD Assistant Secretary Raphael Bostic. “Since taking office in 2009, the Administration’s efforts have helped millions of families stay in their homes and helped millions more refinance, but the data clearly show that the market remains extremely fragile. That’s why we’re continuing to focus on successfully implementing the programs we’ve put in place—such as additional refinancing assistance and emergency loans to help unemployed homeowners—and ensuring that help is available to homeowners as early as possible.”

Housing counseling groups

The Department of Housing and Urban Development said Thursdaythe grants will help housing counseling agencies provide assistanceto families and increase the opportunities they have to findhousing or keep homes they are already in. HUD-approved agenciesalso provide financial literacy training to renters and homelessindividuals and families.

Fannie Mae And Freddie Mac Underwater Homeowners

Understandably, there are still homeowners who are frustrated with financial institutions and, particularly, their mortgage servicer when it comes to plans offered from the Making Home Affordable Program. However, there are still permanent and trial modifications available to homeowners who face the loss of their home due to financial difficulties which have arisen in their lives. Homeowners are typically advised to contact their mortgage servicer or consult a reputable housing counselor from resources like the Making Home Affordable Program or FHA and HUD.

Bank Of America Home Loans

While, again, reports show that homeowners with a variety of servicers, who are in the correct financial position, may still benefit from low interest rates despite increases which have been seen, modification and home loan assistance programs through expanded initiatives from HAMP are still addressing foreclosure concerns many homeowners face. Yet, homeowners who are struggling with their Bank of America home loan may still contact their servicer to begin the home loan modification process in the hopes of finding affordability in their mortgage, but individuals who are considering refinancing have a wide variety of options when it comes to locking in a lower interest rate on their home loan as primary mortgage servicers are not the only opportunity homeowners have when potentially receiving a lower interest rate on a home loan payment.