Just in from Housing wire:

New Obama initiative may help homeowners get more time and may even prevent foreclosure on their homes.

Here's how: the proposal would Require Lenders to evaluate the homeowner as candidates for the Home Affordable Modification Program (HAMP).

Here's the kicker. If the homeowners do Not qualify, they may even get another 30 days after receiving the no-qualify letter for Home Affordable Modification Program (HAMP).

This can definitely save some homes- or at least buy some more time. Homeowners armed with this knowledge can forestall foreclosure or work closely with a real estate investor should they feel that selling their home is the best option.


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