Loan-Mod Program Helps Housing Market – WSJ.com
President Barack Obama’s plan to ease mortgage terms for millions of distressed homeowners, announced nearly a year ago, now is widely panned for having fallen short of its ambitious goals.But some analysts say the program is a success in one sense: By slowing the flow of foreclosed homes to the market, it has helped prop up housing prices, at least for now. The administration’s Home Affordable Modification Program, or HAMP, and other state and federal efforts to avert foreclosures have helped “buy time” for the housing market, preventing steeper home-price declines, said Ajay Rajadhyaksha, a managing director at Barclays Capital in New York.
Regardless of your opinions on how the economy is cleaning up, one thing is for certain. The mortgage and home shopping experience has changed…drastically. Colorado Springs homes for sale have fared well though through the storm, at least compared to other parts of the country (and Colorado). And a large part of the Colorado Springs real estate market has been helped by loan modifications. They’re stressful and time-consuming, but definitely helpful! If you find yourself feeling temporarily overwhelmed by your current mortgage, it doesn’t hurt to contact your lender. You may have more options than you think!
