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Federal foreclosure prevention and loan modification program extended, P. 1

The Obama administration announced Friday that it is extending the federal foreclosure-prevention program, including the Home Affordable Modification Program. The White House says that the program will be extended one more year, through 2013. The federal government plans to increase the incentives the government pays private banks to reduce the principle balances on homes at risk for foreclosure.

Cincinnati bankruptcy lawyers know that many Ohio homeowners have found some relief from the federal programs. However, many distressed homeowners here and nationwide have experienced various difficulties with mortgage lenders while seeking relief under the programs.

The administration also says that it is expanding the loan modification incentive program to some government-controlled loans. The White House says, for the first time, the federal government will offer financial incentives to lower the principle balances of loans controlled by Fannie Mae and Freddie Mac.

The federal loan modification program has been running for roughly three years, to date. The concept has been to reduce monthly payments for struggling homeowners in order to reduce the number of foreclosures in the country.

The president hinted during the State of the Union speech last Tuesday that the government should do a better job in protecting distressed homeowners against losing their homes to foreclosure. President Obama said that, "While government can't fix the problem on its own, responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief."

In the next post, this blog will continue the discussion about the Obama administration's continued intent to pursue the federal loan modification programs.

Source: AP via Fox News, "Obama administration to extend and expand foreclosure relief program," Jan. 27, 2012

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