According to Ny Daily Times, the Obama administration’s $50 billion mortgage relief program is finally picking up speed after a sluggish and disappointing start. The program has not been very healthy up till now. Only, one in five eligible homeowners has been offered help, as stats provided by the Treasury Department.
NY Daily Times further says, ” Launched with great fanfare in March, the Making Home Affordable program had been slow to get going. But more than 571,000 loan modification offers, or 19%, have been sent to nearly 3 million eligible”.
More than 360,000 borrowers have three-month trial modifications, which are supposed to be extended for five years if the homeowners make their payments on time. Nearly 50 mortgage companies are now involved in the program, and 500,000 loan modifications are expected to be in place by Nov. 1.
