“Making Home Affordable” was introduced earlier this year to reduce the alarming amount of foreclosures in the United States.

The $75 billion program provides mortgage lenders with financial incentives to reduce the amount that distressed homeowners owe on their principal home balances, which in turn reduces their monthly payments. It’s a plan that is designed to short circuit the foreclosure process before it begins.

Today, the Obama administration announced the program’s first milestone — banks have so far signed up more than 500,000 borrowers who need to re-work their mortgages. The good news comes three weeks earlier than expected because the deadline to hit a half-million was set for Nov. 1, 2009, according to the Washington Post.

Here’s a snip Shaun Donovan, secretary of the Department of Housing and Urban Development, on the progress:

“We’re very pleased to have reached this goal of half a million borrowers almost a full month ahead of target, but we obviously have a lot more to do.”

Donovan is making reference to the program’s ultimate goal of helping 4 million borrowers by the end of 2012. It’s a lofty and certainly noble goal.

However, the big concern is whether or not the loans that are modified will be sustainable, meaning the homeowners do not find themselves in distressed situations again down the road.

Only time will tell.

To learn more about Making Home Affordable and determine whether or not you can refinance your home mortgage click here. The official “Making Home Affordable” Web site can be found right here.

University of Pennsylvania School of Medicine recently conducted a survey of 250 homeowners in the Philadelphia, Pa., area who are facing foreclosure, revealing that nearly half of them showed symptoms of depression and 37 percent are majorly depressed.

In addition, almost 60 percent reported skipping/delaying meals because they couldn’t afford to eat, 48 percent said they couldn’t afford their medication and 65 percent of smokers are smoking more.

Here’s a snip from the study’s lead author, Dr. Craig E. Pollack:

“The foreclosure crisis is also a health crisis. We need to do more to ensure that if people lose their homes, they don’t also lose their health…. This study raises the stakes of the housing crisis. The policy push to get people into mortgage counseling should be combined with health outreach in order to fully help people during this tremendously difficult period in their lives.”

Perhaps the most troubling takeaway from this report is that it could be “just the tip of the iceberg” — other large cities/metropolitan areas have higher unemployment/foreclosure rates than the “City of Brotherly Love.”

So what can be done to cure this growing mental health problem?

First, do whatever it takes to avoid foreclosure. Use every resource at your disposal, including mortgage counseling agencies and local government assistance programs, to try and workout your situation. Professional foreclosure consultants can also be reached right here.

It’s free help … use it.

If it’s too late and you and/or your head of household are already down in the dumps contact your family physician. Depression is serious and should be treated as such sooner rather than later.

Finally, keep your head up.

Foreclosure is a tough pill to swallow, but over time things will eventually get better. It doesn’t discriminate, affecting all races and colors … even the rich and famous. You’re certainly not alone.

Dry cleaner. Electrical engineer. e-Trader.

These are just a handful of the different professions of the individuals who take me up on the invitation to learn the foreclosure and auction process.

Every time I take a class to the Palm Beach County Courthouse there is always something new to learn — there is never a dull day.

For example, this past week there was a property that was valued at $150,000 that went for $30,000. The bidding started at $12,000.

It’s because of deals like this that the crowds at the courthouse are beginning to grow. Savvy investor groups are sprouting everywhere. They understand that deals can be had and that now is the time to invest.

So what are you waiting for? You could be missing the deal of the century … or several of them.

Come see what you are missing by joining us for a free courthouse tour — we’re happy to show you around each week!

Linda Yates, Director of Education at Foreclosure.com, conducts FREE auction education classes at the Palm Beach County Courthouse. The class will teach you how to look up information on the properties for sale, then you will attend a live auction to see how the auction process works. To make a reservation for the class call 1-866-382-2439. You MUST have a reservation because class sizes are limited.

… Angela Logan of Teaneck, N.J., has one, raising money with “mortgage apple cakes” to catch up on her defaulted home loan:

“A New Jersey woman hopes her bake sale will help forestall foreclosure and keep a roof over her head … [the divorced mother of three sons] has until July 26 to raise $2,559.54 due her lender under a federal program to help homeowners in financial trouble.”

At $40 a pop, Ms. Logan — who already has 42 pre-orders for her mortgage apple cakes — needs to sell only 22 more in nine days to avoid foreclosure, which appears within reach based on her current pace.

Yum.

If a local bake sale can’t solve your financial problems remember that professional foreclosure consultants can be reached right here. It’s free help.

NBA stars present and past, Dwyane Wade and Alonzo Mourning, recently joined the foreclosure fight in South Florida, taking part in a roundtable discussion and bus tour that highlighted the growing foreclosure issue and how it’s affecting Miami communities.

HOPE NOW Alliance sponsored the Neighborhood Housing Services of South Florida (NHSSF) event, which was designed to raise awareness of the housing crisis that has gripped the region, as well as promote the free foreclosure assistance resources that are currently available to cash-strapped homeowners.

Here’s a snip from Wade via the Miami Herald:

“It hurts my heart. I know it hurts everyone’s heart in here. I’m here to help bring awareness to this and to let everyone know that there is an opportunity for them, and that there is hope.”

Wade plays professional basketball for the local Miami Heat and is currently among the top talents in the league. Mourning — who played for the Heat on-and-off for about 10 seasons — retired in 2008 and is the only player to have his number retired by the organization.

Their collective star power and celebrity undoubtedly helped garner much-needed attention for a problem that needs fixing fast to reduce the amount of residents in the area losing their homes.

In addition to the roundtable discussion, Wade and Mourning participated in a bus tour, visiting distressed homeowners and educating them about their options such as renegotiating the terms of their loans. The pair, naturally, also posed for photos and signed autographs for fans at each stop.

According to the report, “Miami was the third stop on HOPE NOW’s nationwide ‘Bringing Hope Home’ bus tour. Earlier this year, the caravan rolled through Newark, New Jersey, with Queen Latifah and Wyclef Jean, and Atlanta, featuring Mary J. Blige and Big Boi.”

Keep the wheels on that foreclosure bus turning round and round ….