500,000 Mortgage Loans Modified

Earlier this week a press release has been issued by the U.S. Treasury Department saying that under the Making Homes Affordable Program 500,000 mortgage loans have been modified.

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Mortgage loan modification goal

In July of 2009 the 500,000 mortgage loan modification goal was set and it was achieved ahead of the November 1, 2009 goal date.

Lower current mortgage rates

Lower current mortgage rates have also helped the process along by making it easier to modify home mortgage loans due to the reason that the monthly payment costs are lower along with the governments push to have mortgage loans modified.

Home loan modifications are now being issued at a faster rate than new homeowners are becoming eligible.

Stabilizing the housing market

It is also believed by the Obama Administration that there are more mortgage loans that can be modified and more can be done in order to assist struggling homeowners and help stabilize the housing market. This past week in order to improve the process treasury and HUD officials also held a series of meetings with home loan servicers.

If you’re struggling with your mortgage payments then you are suggested to look into the Making Home Affordable Program to see if you’re eligible. Even if you’re eligible to have your mortgage modified then also it won’t be an easy process.

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