Cases with angry homeowners suing lenders over their foreclosures have been all the rage over the past few days, and I don’t expect it to slow down anytime soon. However, there are some organizations that managed to get homeowners the hope of a home loan modification they were searching for. The numbers were higher than many of us thought, but we often forget that things are different and possibly even better outside of where we live.
Hope Now published its final numbers showing that 1.76 million homeowners did in fact get the opportunity to apply for and receive a permanent loan modification. More than half a million of these were completed using the HAMP program (Home Affordable Modification Program), and the other portion was done by mortgage loan servicers. This sounds better than what we were hearing; the stories that servicers were telling homeowners they couldn’t help them were pretty sad, leaving families in a horrible financial position without hope.
The number was higher in 2010 than it was in 2009, and that’s great news! Because mortgage payments are the highest payments families have, maybe we should take a look at modifying everyone’s mortgage? By reducing this larger payment, we can help homeowners reduce their overall monthly payments, because they will be able to allocate more money to the rest of their debt. This could be the start of a healthy trend of debt reduction overall, don’t you think?
-Mayer Dallal
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