Obama Administration Changes Refinancing Plan For
The Obama Administration just announced chances to its HAMP (Home Affordable Modification Program) policy that will allow more homeowners to qualify. According to an article in REALTOR Magazine, the official magazine for the National Association of Realtors, the changes will include how the homeowners’ debt to income ratio and will allow owners of rental properties to qualify. However, the biggest change is a tripling of the incentives it pays to loan services as an incentive to reduce principal balances.
While the Federal Housing Finance Agency says that a recent analysis found “that principal forgiveness did not provide benefits that were greater than principal forbearance, I can’t believe that to be true. If homeowners were allowed to reduce their principal balances, thus moving them from underwater to above water, how could this not help that homeowner and thus the overall real estate market? This would also create opportunities for homeowners to sell their homes and purchase new homes, further helping the real estate market recover. Clearly this is a positive change that will hopefully be well taken advantage of.
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