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Topic: Obama Housing Plan
By Paul M. J. Suchecki
Tags: Loan Mod, Loan Modification, Obama Homeowner Affordability and Stability Plan, ...
No CommentsAn additional 76,000 borrowers have been offered permanent loan mods where the paperwork still has to be signed and returned. The program passed a milestone, with more than one million trial three month loan mods granted, up from 902,620 the month before.
In Nevada, California, Michigan, Florida and Arizona; average home prices have dropped more than 20%. The money will be shared based on a formula that factors in the number of unemployed residents and the net drop in home prices.
By Paul M. J. SucheckiTags: Massachusetts Senate Vote, Obama Plan, Scott Brown Election, ...No CommentsAs Democrats seek to assign blame for their defeat, it would be useful to take a look at those bleak days when Franklin D. Roosevelt did take over as president.
By Paul M. J. SucheckiTags: loan modifications, Obama Homeowner Affordability and Stability Plan, ...No CommentsThe Obama Administration’s Home Affordable Program, HAMP, had been heavily criticized for not doing enough to forestall foreclosures, which hit 2.8 million homeowners in 2009.
If you walk into office of most mortgage help firms you’ll observe a typical phone room boiler room with banks of hard core salespeople on auto dialers, cajoling and coercing vulnerable borrowers into forking over scarce cash for help.
Since the plan’s inception, the administration has tweaked the program to deal with second mortgages and to allow an increase in Loan to Value of up to 125%, where the home loan debt is worth 25% more than the home’s fair market value. New data from Equifax and Moody’s, as reported in The Wall Street Journal shows that these changes may not be enough.
Why is Making Home Affordable Falling Short? By most estimates, it has been applied to 5% of those eligible while a record 5.4 million American homeowners are now behind on their mortgage payments.
By Paul M. J. SucheckiTags: foreclosure prevention, homeowner help, mortgage advice, mortgage refinance...No CommentsShort fi’s are for borrowers facing hardship. It would work best in an area where house prices have declined precipitously.
By Stephen BedikianTags: Add new tag, foreclosure prevention, Loan Modification, mortgage advice...1 CommentWhen I first got a place of my own, I was told that a week of income should cover my housing expenses. Today, the US Department of Housing and Urban Development, HUD, estimates that 12 millions households in the country now pay more than 50% of their annual income on housing.
Under new guidelines, mortgage lenders would be eligible for government incentives if they allow borrowers to sell their homes at a loss. These short sales are less costly and time consuming compared to foreclosures.
Although the main thrust of the Obama Affordability Plan is to keep homeowners in their homes, this change is a recognition that [...]
Deficiency Judgment Nationwide Mortgage Licensing System personal finance Default credit cards mortgage fraud Jumbo Loan Short-Fi Loan Default Short Sale second mortgage Conforming Loan Loss Mitigation bankruptcy Uncategorized mortgage Loan to Value first time home buyer tax credit unemployment Upside Down Real Life Stories Obama Financial Reform Obama Housing Plan Refinance Falling Home Value Lenders home value Mortgage Revision Credit economic news Loan Modification Foreclosure Help
December 30, 2009 10 Responses
Optimism, Albeit Guarded By Paul M. J. Suchecki
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December 30, 2009 10 Responses
Optimism, Albeit Guarded By Paul M. J. Suchecki
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December 30, 2009 10 Responses
Optimism, Albeit Guarded By Paul M. J. Suchecki
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August 24, 2009 3 Responses
Who Will Answer the Phone? By Paul M. J. Suchecki
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