President Obama’s Foreclosure-Prevention Program Leads to Increases in Mortgage Loan Modifications

There has been an increase in the number of mortgage loan modifications since President Obama’s Foreclosure-Prevention Program came into force. Most of those applied for have still to be processed, but there is a high success rate for those that have gone through the procedure.

Mortgage foreclosures and property repossessions have been rapidly increasing over the past two years, and something had to be done to stop so many Americans being thrown out onto the streets because of a situation they had no part in creating. The causes of the subprime mortgage collapse can be laid at the door of those lenders that invested in people who were obviously going to be a bad risk – and so they proved to be.

Renters in a Dilemma Over Home Foreclosures

According to AZCentral.com, perhaps thousands of renters are finding themselves in very difficult situations. They are renting homes that are being foreclosed. Some are completely unaware of the situation until a foreclosure notice is put on the house.

Arizona Tenant Advocates & Association, a non-profit, says that a thousand phone calls over the last year is a very conservative number. Calls are desperate to find out options they have. Unfortunately, the options are few.

As the potential for more properties to be foreclosed, the problem for renters may also increase.

Source: AZCentral.com