In March 2009, President Barrack Obama announced the Making Homes Affordable federal funded program that is going to assist 5 to 6 million households whose properties were facing foreclosure as a result of the economic recession that had hit many.
According to this rescue package, the federal government set aside about $75 million for this program. However, not everyone would qualify for this loan mortgage modification program. To begin with, one had to prove their hardship status and be living on the primary property. The package was also open to those whose loan processes had began on or before January the 1st of 2009.
Proof of income was necessary for mortgage payments over 31% of one’s income. Unfortunately there were a large number of homeowners opting out of the Making Homes Affordable program.
Another option that many could look to was the Congress-funded Home Preservation Foundation which had saved about 4 million homes since 2008, with about 70% of these escaping foreclosures in 365 days.
There are also locally funded home-saving programs like the Philadelphia Foreclosure Diversion Program and the Volunteer Lawyers project in the Brooklyn burrow. These and many other localized programs have kept a number of their own from losing their homes and residential property.?