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Housing Assist of America: Nearly Half of Homeowners Terminated From Obama's Mortgage-Aid Program
August 25, 2010In this ailing housing market borrowers throughout the nation are losing their homes every day. The quick fix was thought to be the Obama administration's mortgage relief program. Unfortunately this program has not been conducive for homeowners who are trying to hold onto their properties. We are seeing an increasing number of homeowners fall out of the program faster than they had ever imagined. The Treasury Department states, "approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the effort have been cut loose through July." This is nearly 50% of homeowners who had enrolled in the program. A copious amount of borrowers have complained about the many faults that this program presents. MSNBC reports, "Borrowers complain that banks often lose their documents and then claim borrowers did not send back the necessary paperwork." This plan was initially intended to lower the monthly mortgage payments of the people in financial trouble. Full release.
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