As the number of foreclosures remains relatively high, many homeowners are seeking help through various sources of mortgage relief. In the past, if a homeowner could not maintain their mortgage payment, the house would be quickly rushed into foreclosure. However, with the economy wavering to stay afloat, the government has begun to take initiative to offer some homeowners much needed relief.
Home Affordable Foreclosure Alternatives Program
The government has been working on a few ways to help keep struggling homeowners out of foreclosure. The Home Affordable Foreclosure Alternatives Program was designed to provide mortgage relief through loan modifications such as short sales and deed in lieu of foreclosure plans. The fact is, many people simply had no idea such options existed. The program was created to educate homeowners of alternatives to foreclosure, in hopes of preventing further disaster in the housing industry.
The program has been successful in reducing the number of foreclosures over the last year while helping many people reduce their mortgage payments and keep their homes. In fact, the number of people successful completing the program has increased significantly in just the past few months. This comes as good news for the housing market industry as the forecast for the future is showing hopeful signs of increasing property values. Although many areas of the nation are still suffering dramatically from the housing market slump; the options provided through the Home Affordable Foreclosure Alternatives Program are a great start to repairing a battered industry.