New Modifications: Nonsense or Does it Make Sense?
Tuesday, March 30, 2010
Last week ended with a somewhat surprising announcement that the administration has decided to offer an addition to their modification program called Making Home Affordable Program Enhancements to Offer More Help for Homeowners. The new enhancements look to give relief to people who are unemployed and those approaching 20% negative equity in their homes. Why this change in course now?
The current modification program is failing.
This announcement comes on the heels of two reports, which strongly suggest that the current modification program has done little to address the challenges of current homeowners who are rapidly falling behind on their mortgage payments.
