Obama administration extends foreclosure relief program

Foreclosures dropped slightly in 2011, but experts agreed that they are projected to rise now that banks have refined the methods for processing foreclosure documents. In anticipation of the ongoing struggles that homeowners face the Obama administration has decided to extend their key foreclosure relief program.

The Home Affordable Modification Program was due to expire in December 2012 but will be extended for an additional year. The administration will also add to the number of people eligible for the program to include investors and more incentives to banks who offer mortgage modifications.

The administration said that benefits will be extended to include evaluations of homeowners with hefty second mortgages or medical bills weighing down their finances.

For the people not eligible for a mortgage modification through a federal program a foreclosure attorney can work with a bank to obtain a modification.

The plan would also offer triple incentives to banks who offer to write down principles for the homeowners who are underwater on their mortgages.

The HAMP program has had less than stellar participation so the administration has been reluctant to say how many homeowners they hope to help.

Foreclosure is a tough thing to face, especially for the people who worked so hard to buy a home. A foreclosure lawyer knows how much a person’s home means to them and will do everything in their power to help a person stay in their home. A foreclosure attorney has the right knowledge to work with a bank and make it possible to avoid eviction.