A new federal report finds fewer Nebraskans are falling behind on their house payments, but for those who are still struggling, new programs are being put in place to help keep Nebraskans in their homes by lowering payments.
Tim Bowler, a deputy secretary at the U.S. Treasury Department, says the numbers are improving and home foreclosures are dropping.
“Nebraska’s delinquency rate is around one in 20 borrowers today, so it’s better than the national average,” Bowler says. “When you look at that number, it’s still, from our perspective, too high and we want to try to make certain we’re reaching out through our Making Home Affordable programs to those Nebraskans that are struggling as a result of an unexpected financial hardship.”
The national average is about one in 17 homeowners are falling behind on their mortgage payments, while he says countless others are one paycheck away from missing a payment.
While Nebraska’s delinquency numbers are falling, Bowler says the figures are still too high, so he’s touting what are called “Making Home Affordable” programs.
Bowler says, “Our programs are designed to help those folks that have been paying their mortgage and face an unexpected financial hardship that’s resulting in that mortgage becoming unsustainable for that family.” He says homeowners who undergo mortgage modifications through the program are saving a median of more than $500 per month on their monthly mortgage payments.
Bowler says, “They might be able to find assistance through our programs in helping find a mortgage solution for them that will make their housing payments more sustainable in order to help them manage through their hardship.”
For more information, he says to call 888-995-HOPE or visit www.MakingHomeAffordable.gov.