The global economy is struggling to stay afloat, and most Americans are still looking for foreclosure assistance coming from the federal government.
The “Making Home Affordable Program” of the US government gave new opportunity to US homeowners to modify or refinance their home loans, making their monthly mortgage obligations more affordable.
There is also an assistance given for Americans who are seeking help with a short sale rather than a foreclosure.
With the Home Affordable Foreclosure Alternatives Programs (HAFA) introduced by the government, both homeowners and mortgage lenders are now incentivized to work together on a short sale rather than a foreclosure. HAFA is designed to help homeowners live in a home that is more affordable.
The programme also helps alleviate mortgage payments, which homeowners owe to their lending company.
Additionally, the US government is also putting more pressure on banks and mortgage lenders to help homeowners modify their loans to help prevent home foreclosures.