Homeowners have been having a great deal of difficulty over the past months meeting their monthly mortgage payments and, obviously, as a result the housing market has been struggling as well. However, efforts that have been launched by the Obama Administration, like the Making Home Affordable Program’s home loan modification plan and efforts from the Federal Housing Administration have been documented in a report known as the Monthly Housing Scorecard.
This report is hoped to keep Americans aware of the efforts that are being made to correct the housing market and assist homeowners who are struggling to meet their mortgage payments. This report is the product of work with the Department of Housing and Urban Development and the Department of the Treasury. Many homeowners have been frustrated with the modification program and the housing market in general, as not only have homeowners been unable to pay their monthly mortgage payments, but many have seen a decrease in the value of their property, which has brought about new mortgage troubles for homeowners.
Yet, there are hopeful aspects of this report that have many believing the housing market is on the mend and, if unemployment can be combated, more homeowners will be able to break free of the mortgage difficulties that have held them down for so long. This report has been citing a variety of factors that have helped the housing market improves like the first-time home buyer and repeat home buyer tax credits, which has brought more homeowners into the housing market thanks to low home prices and the availability of this credit.
Also, there is mention made of low mortgage rates that have been offered to some homeowners who qualify and have refinanced their home loan. As of the Scorecard report for the month of May, it was stated that around 6 million homeowners refinanced to these low mortgage interest rates and have saved an average of $150 per month by doing so.
Also, mortgage lenders that have been participating in the Home Affordable Modification Program have stated that, since April, the number of homeowners who have altered their mortgage to a more affordable plan has increased. There is also a statement in the Scorecard Report that brings a hopeful sign to the Modification Program as was stated that nearly half of homeowners who are unable to obtain a permanent home loan modification have entered into an alternative, in-house plans with their lender and fewer than 10% of failed trial modifications have faced foreclosure.
These are welcoming numbers to homeowners who have been angry over their lack of success in the modification program and who have asked for lenders to do more so that not only will home loans be more affordable but prevention efforts of foreclosures will be offered as well. While there are homeowners who are still angry and many officials who feel that there is a lot of work to be done, reports from both the Making Home Affordable Program and this Housing Scorecard Report are indicating that, while homeowners may still need assistance in many areas, there are increasing improvements being made to not only the housing market but to those homeowners who are struggling to simply keep a roof over their head.