According to various sources, including the Making Home Affordable organization, the Mortgage Relief program that kicked off in March is actually on track, despite recent reports that it was not.
More than 400,000 offers of loan modification have been offered, and more than 250,000 trial offers have already begun. The goal is to give assistance to 3 or 4 million homeowners over the next 3 years, according to MHA (www.MakingHomeAffordable.gov)
Other sources say that the percentage of homeowners offered relief is up to 19% of total home owners eligable, from 15% in July.
The program is voluntary for mortgage programs, relying on subsidies to encourage them to participate with consumers and lower their rates so that they can keep their homes.
The mortgage industry hasn't been helping during this past period, but pressure from lawmakers threatening to revive the failed proposal to let bankruptcy judges rewrite the terms of a mortgage.
