According to new reports, over 350,000 homeowners have been able to reduce their monthly mortgage payments through a federal program that was approved by the Obama administration.  The program, Making Homes Affordable,  pays lenders in order to accept lower monthly payments for individuals who may face foreclosure if unable to make payments. 

The program has hoped that by November 1st, that more than 500,000 borrowers would have their mortgage rates adjusted.  The goal may be accomplishable if the current modification rates increase or continue at about the same pace.

Although many individuals have been helped,  critics still argue that enough has not yet been done.  Further,  critics argue that it takes too long for many individuals to be helped,  causing individuals who would qualify for modification to still lose their home.

If you are facing foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, PC at 443-546-4608.