Digital News Report – To combat falling home prices the Obama Administration created the Making Home Affordable Program. This last week the administrators held a Homeowners Community Event in San Jose. Next month, on March 24th, they will hold a similar event in Phoenix Arizona.
There have been numerous disturbing stories described by homeowners seeking a modification while trying to avoid foreclosure. In some cases the homeowner made it all the way through the initial trial period only to find out that the servicer has moved forward with the foreclosure anyway.
Even more shocking are claims that the attempted modification made things worse. Numerous class-action lawsuits have sprung up against servicers like Wells Fargo, Bank of America, Chase and Citibank.
Despite the setbacks and problems, the U.S. Department of Housing and Urban Development (HUD) says there are success stories. New and existing homes sales have increased and affordability remains high.
Home prices have not completely stopped and are still “unsettled”, but the program has helped “millions more to save money by refinancing”. “That’s why we’re committed to continuing to provide help to homeowners by implementing the broad range of programs the Obama Administration has put in place,” said Raphael Bostic, assistant secretary of HUD.
If you are interested in attending one of the events, bring two recent pay-stubs, bank statements, and information concerning your credit card and other debt. Bring your recent mortgage statement to the Phoenix Convention Center, 100 North Third Street, Phoenix, AZ 85004. The event starts at 11 AM and lasts through 7:30 PM.
By Tina Brown