The Obama administration rolled out three programs this past week to ensure distressed homeowners know about the government’s Home Affordable Modification Program and other housing aid initiatives, according to a White House blog.
In the latest Housing Scorecard from the administration, the government says Making Home Affordable initiatives deployed 1.5 million rescue actions for distressed homeowners in the past four years.
Even still, it’s unknown whether every borrower who loses a job or comes upon hard times knows the opportunity exists to obtain a loan mod or other mortgage adjustment through government programs.
To ensure they do, the Treasury partnered with nonprofit NeighborWorks America and its foreclosure counseling program to expand awareness of the various refinancing and loan adjustment options available through the government for qualified borrowers.
The Labor Department also is encouraging job centers in the U.S. to advise unemployed homeowners about the various foreclosure prevention programs available.
Meanwhile, the Department of Housing and Urban Development launched a housing counseling office, originally established as part of the Dodd-Frank Act, to offer at-risk homeowners free or low-cost information about preventing foreclosures and utilizing government-sponsored loan mod programs.