Government's Refinance Program Gets an Extension

Posted on March 03 By Francine Huff

Still looking for help with your mortgage loan? The government has extended its Home Affordable Refinance Program for another year. The refinance program was set to expire in June, but the Obama administration hopes that a larger chunk of distressed homeowners can be helped.

Originally the government had hoped that about 5 million homeowners would be helped by the program. So far about 200,000 have gotten help with troubled mortgage loans.

Who knows if the new timetable will result in more people being able to stay in their homes. Some homeowners who thought they qualified for the program were unable to refinance because they were too underwater on their mortgages. Others gave up efforts to get help after getting little assistance from mortgage loan servicers that scrambled to keep up with the demand.

Hopefully mortgage lenders and loan servicers can make more progress with the extra time. They've had ample time to work out snags such as updating computer systems, adding more workers, and getting guidance on how to deal with second liens and other complications.

Homeowners who have been discouraged about getting help might want to make another attempt to contact their mortgage loan servicer to discuss their options.

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