Obama Loan Modification Program 2012 – July Housing Scorecard Encouraging

Aug. 31, 2012 - PRLog -- The July scorecard for the Obama loan modification program 2012 shows a sharp decline in home foreclosure rates during the month of June. A report released by the US Department of Treasury in conjunction with the US Department of Housing and Urban development (HUD) indicated low levels of home inventories in the market. Furthermore, while the time needed for selling current homes stood at 6.6 months that for sale of new ones was reported to be 4.9 months. Experts opine that the current trend could be viewed as a sign of balance in the mortgage market and even the HUD in its July 2012 report has clearly demonstrated that the housing market was displaying some momentum although it is not seen that easily ever since the onset of the home crisis. This may be some good news for homeowners who are searching for a good mortgage solution.

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During May 2012, 20% of refinancing loans were granted under the revised home affordable refinance program HARP 2.0.  One may note that over 1.2 million homeowners across the United States have already reaped benefits under various options of the “Making Home Affordable” (MHA) plan since its initiation in 2009. Even the FHA managed to help more than 1.4 million borrowers this year through different loss mitigation schemes. As per reports, till date proprietary mortgage loan modifications numbering over 2.9 million have been granted May through its HOPE Now plan. Besides, the July 2012 scorecard also predicts that prices of homes may be slated to rise faster than anticipated as compared to what they were way back in January, 2009. In the coming months, this sentiment is going to be witnessed in the recovering housing market.

Additionally, the report also mentions rise in the number of applicants who qualified for the HAMP loan modification plan and the 2nd lien program 2MP. Homeowners have thus, got enabled to save hundreds of dollars on their mortgage payments as a 86% rise in granting of permanent mortgage modifications was also reported, the highest in the past 23 months. And almost 87,000 got successfully approved for the 2MP program as well during the corresponding period that could be great news. Currently, mortgage interest rates could be at historic lows considering the fact that the average interest rate being charged for a 30 year fixed rate mortgage is well below 4%. Freddie Mac even announced that it will lower rates to 3.59% so that more borrowers can take advantage of home refinancing.

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Obamaloanmodificaiton is a leading mortgage service provider in the United States which has been in business for over seven years. Till date, the firm has helped tens of thousands of borrowers in qualifying for affordable mortgage interest rates and hence, significantly reduced monthly payments.