May 18, 2010
The Obama loan modification “Making Home Affordable” Program is already running low on applicants, probably because the word is out the plan is not working well and is a time waster compared to other methods of getting real foreclosure solutions help.
Currently their is an estimated 4 million homeowners that need help to stop foreclosure and the program has helped only a fraction to get help.
A popular financial blog “Calculated Risk” says, “The program is dying….”
The Obama administration is now requiring loan servicing companies verify a homeowner’s income at the beginning rather than at the end of the trial after which the loan applicant pace has slowed down.
For the few borrowers who do get permanent modifications, their payments are reduced by about $500 a month. This actually may not be enough to make it comfortable for them to afford the payments because many still struggle under a high debt to income ratio even with the $500 reduction
David Stevens, assistant secretary for housing in the Department of Housing and Urban Development, has said “We were dealt the worst foreclosure crisis we had seen since the Great Depression,”
But not all is lost you can give yourself a real fighting chance to save your home. Contact a foreclosure expert at Help to Stop Foreclosure Net and get the assistance you need to help stop your foreclosure today! Click Here for an Email-Form and email your name and your issue and an expert will contact you back or Call toll free 888-819-6554.
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References:
Stall in Applications for Federal Mortgage Program By DAVID STREITFELD, New York Times
Housing Starts increase in April by Calculated Risk
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February 22, 2010
It appears a new Obama “Innovation Fund” program is setting aside $1.5 billion to help stop foreclosure in California and four other states hardest hit by foreclosure.
The word on the street is that this is likely to do little to nothing to help the actual homeowners. It will probably in reality just pay the administrative costs of running the program manned with people talking with homeowners about the same old tired stuff that does not really stop foreclosure and/or help one work things out with the lender.
There is expected to be only a small number of homeowners helped by the fund as with all of the other government bailouts of late. Big government is help by getting more people working for, and dependent on the government for their new job, bankers are bailed out and given bailout or admin money for which the bank is beholden to the government, but homeowners are left without much relief at all.
Get real help to stop your foreclosure fast, a.s.a.p..
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January 4, 2010
Banks are foreclosing on American homeowners at a much faster rate than the Obama administration’s effort to stop the crisis can handle.
Though the Treasury Department’s Home Affordable Modification Program, or HAMP, has now started their mortgage modification process on nearly 760,000 homeowner’s properties that are at risk of being taken, less than 5 percent of the workouts have actually become a permanent fix, government data shows. So for ninety five percent of those in trouble it is something of a false hope.
For help to stop your foreclose that can help you possibly get a better chance at a more permanent fix click here and request help.
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