The Allmand Law Firm, PLLC Difference

Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Making Home Affordable Program Fails Homeowners Facing Foreclosure

Posted By admin || 15-Sep-2009

According to an article in the Star-Telegram, the Making Home Affordable program continues to fail to hit the mark in preventing foreclosures on any significant scale. The article said: "As of last month, more than 360,000 borrowers were enrolled in three-month trial loan modifications, out of about 570,000 who received offers. Only about 85,000 homeowners have had their loans refinanced under the Obama plan." Originally this foreclosure prevention plan was suppose to help up to 9 million homeowners avoid foreclosure.  However, it has failed to hit the mark.   If we want to quell this foreclosure crisis, we need to get serious about modifying toxic mortgages and force mortgage lenders to respond quickly to the rising number of homeowners seeking mortgage modifications.  Many homeowners are falling victim to foreclosure as they wait for responses on their mortgage modification requests. Many mortgage lenders are literally ignoring homeowners who are struggling financially, still paying their mortgage in a timely manner but foresee problems.  It is only after they have fallen behind on their mortgage that they are "fast-tracked" to an opportunity for mortgage modifications which usually remain in "limbo" until it's too late. Changes need to come to this program if we want to really stop this foreclosure crisis. One change that would be beneficial due to the high unemployment rate would be to allow unemployed homeowners a mortgage deferment while they're looking for work.  Right now, millions of Americans are losing their home to foreclosure because they're unemployed and unable to pay their mortgage even with unemployment insurance benefits. If you're a homeowner facing foreclosure and need help securing a loan modification, please visit .  Also, remember that filing bankruptcy will immediately stop foreclosure and other creditor actions against you.  To find out more about bankruptcy, please contact a Dallas-Fort Worth bankruptcy attorney.


Categories: Foreclosures
Blog Home