Foreclosures on the Rise in 1st Quarter

According to the NewYork Times foreclosure is alive and well at least during the first quarter of 2009. Year over year foreclosures are up 73%!

This is an enormous increase when you consider that foreclosures were coming in  at record numbers last year.

There is some good news…kinda. the mortgage workout departments or the loss mitigation efforts of the mortgage lending community has reported that they have increased the number of loan modifications by about 55%. This sounds like a dramatic increase and perhaps it is. But when you compare this number to the 73% rise in foreclosures perhaps it is not as great as we would like it.

The numbers for the Make Home Affordable Plan are in and I am still analyzing some of the data but make sure you check back here soon to read the update as I will post it very soon.

I really feel in my gut that Obama and his home affordable mortgage programs are goingt to do wonders for the American homeowner. Stick with it homeowners.

Obama Modified the Home Affordable Refinance Program

We all have heard of the making Home Affordable Mortgage modification and Refinance plan that President Obama put in place to help Homeowners avoid foreclosure and to make home affordable.

Obama has modified the MHA Refinance Program known as HARP

yesterday July 1, President Obama signed into action a modification to the Making Home Affordable Mortgage Refinance Plan. he has expanded the reach of the homeowner refinance initiative and assistance program.

Just a few days ago a Homeowner who was current on their mortgage but had a loan to value of 110%, meaning his home was valued less than his financial obligation or debt due to the mortgage lender by 10%, this Homeowner would have been turned down if seeking a Making Home Affordable Mortgage Refinance through Obama’s Plan. However if this Homeowner rings up their mortgage lender tomorrow then the agent may sing a different tune.

Essentially President Obama has expanded the reach and eligible population of this program by expanding the loan to value requirements.

It use to be that a Homeowner needed a loan to value of 105% but now a loan to value of 125% is A-OK.

This will help boost the Making Home Affordable Mortgage Refinance Program’s reach of thus far only 200,000 Homeowners which really is not all that bad when you compare it to the retarded cousin of this program known as the Hope For Homeowners Program.

To refresh everyone’s memory the Hope For Homeowners program is a FHA insured mortgage refinance program that was supposed to rescue the American Homeowner and the American economy from Foreclosure. It was a complete waste.

back to the subject at hand …I am curious to hear what folks think of the new changes and modifications made to the Make Home Affordable Mortgage Refinance program?

Home Affordable Mortgage: Homeowner Resource and Blog

This Blog is a Homeowner Resource

How do we as the collective American Homeowner Make Home Affordable by obtaining an affordable mortgage?

This is the question, Notion, and Mission of this blog. I think, I hope, and I want help to make home affordable for all Homeowners in need of mortgage assistance.

I hope this will be a place that we can as Homeowners and Americans create a resource through helpful and ethical participation from all who care and all who know, and all who want to know. Together as a collaborative effort I know we can Make Home Affordable.

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