July 13, 2024

government foreclosure program
government foreclosure program

Under an Obama administration program due to begin in the next few weeks, many borrowers who get reduced payments on their first-lien mortgage through the administration’s Home Affordable Modification Program automatically would get a break on their second-lien mortgage.

In April, the administration is due to launch incentives to boost alternatives to foreclosure for people who don’t qualify for a loan modification. They include short sales and so-called deeds in lieu of foreclosure, in which the borrower voluntarily gives up the title and often gets funds to help with moving expenses.

Orange County California real estate lawyers

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