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Despite all the doom and gloom still surrounding the Boise real estate market, two years after the big meltdown, there is some major developments which are positive and relatively unreported by the major media outlets. Many homeowners have found salvation in the newest government program which encourages loan modifications which makes home retention a possibility when it was not before.

Many Boise real estate sellers have simply stopped paying on their mortgages simply because they owe more than the home is worth, and now they are facing a possible change in employment, so a loan modification will help those people out. As these loan modifications become more and more a viable option for the desperate situation many homeowners are in, they will be relied upon in increasingly greater numbers.

The program started when the federal government launched the Home Affordable Modification Program last year, with an initial seed deposit of $75 billion. Today, a very large percentage of homeowners qualify, since that is met by being more than 60 days behind on payments. Before 2012 the modification program is designated to help change upwards of three million home loans. The effect this loan modification program will have on the Boise real estate market is significant given that any homeowner that has the means to save their home has the tools needed to do so.

With the banks initially approaching this program with some scepticism, the pace of modifications being converted from temporary to permanent was very slow. Changing these loan modifications from temporary ones to permanent ones is due in the highest degree to the Presidents insistence on emphasizing that the banks can rely on them.

Temporary loan modifications that Boise real estate owners were getting did not grant the long term benefit that was needed and now that they are being converted into long term modifications they have a hope to retain ownership of their homes.

Even the reduction of the principle balance on a home loan is possible for Boise real estate owners, which will encourage long term retention. Those homeowners who can keep up on their payments after the loan modification goes permanent stand to save an average reduction of 36% on their payment. This puts around $500 per month back in their pockets, on average. Without this conversion being possible many homeowners would be left in the dark, so take advantage of them and save your home.

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