More Than 1M Homeowners May Qualify For Foreclosure Relief
NEW YORK (CBS) — Are struggling homeowners to blame for failing to seek help with their faltering mortgages?
The Obama administration says more than one million borrowers may be qualified for a foreclosure prevention program, but simply won’t ask for help.
The government sponsors giant meet-ups across the country, where borrowers and lenders attempt to make a deal.
“We’re trying to help bridge the gap between homeowners who are struggling, and assistance they are eligible for,” says Andrea Risotto, a spokesperson for the U.S. Treasury Department.
Though thousands are invited to these large scale counseling sessions, only about 3% attend.
Obama’s program has helped more than 800,000 delinquent homeowners modify their loans. Still this number falls far short of the 3 to 4 million the president predicted in 2009.
Many homeowners have trouble qualifying due to factors such as exceeding the income requirements or falling too far behind on their monthly payments.
Risotto says another million borrowers would be eligible, but have yet to come forward.