New Federal Program for Homeowners
The Obama administration gets aggressive in their effort to reduce the foreclosure crisis and considers a new program. According to the New York Times, the program will allow homeowners to sell their home for less than they owe and will give them a little cash. The government’s $75 billion mortgage modification plan has helped homeowners, but hasn’t significantly lessened the trend of foreclosure. The new program will take effect on April 5th. According to officials with the Calhoun County Probate Office, they’ve seen a reduction in current foreclosure numbers. In the final quarter of 2013 there were 83 foreclosure deeds listed and as of today, there are only 74.