As part of its ongoing commitment to continuously improve housing relief efforts, the Obama administration announced  March 25  new adjustments to the Home Affordable Modification Program (HAMP) and to the Federal Housing Administration (FHA) programs.  These program adjustments will better assist responsible homeowners who have been affected by the economic crisis through no fault of their own.

The program modications will expand flexibility for mortgage services and originators to assist more unemployed homeowners and to help more people who owe more on their mortgage than their home is worth because their local markets experienced large declines in home values.

These changes will help the Administration meet its goals of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.  Costs will be shared between the private sector and the Federal Government; the Federal cost of these changes will be funded through the $50 billion allocation for housing programs under the Troubled Asset Relief Program (TARP).

For more information regarding these new homeowner options, please contact The Pistol Tingen Team—the real estate specialists for Greenville, NC and the Pitt County area.