Obama Foreclosure Plan march
The economic recession crept its way in 2008 where different industries and markets became easy preys. The real estate, particularly the housing market is one of the hardest hits of this global financial crisis. The Bush administration’s loan modification program failed miserably to save millions of houses from foreclosure and needless to say, this only increased in numbers as the months wore on.
The new administration under President Barack Obama created the Home Affordable Program to help homeowners keep their homes and steer clear of more foreclosures.
Obama’s campaign has a new and improved loan modification program. The requirements are more lenient in order to accommodate more borrowers and the budget is bigger with a $75 billion allocation to financial institutions. This is an encouragement to lenders to open their doors to homeowners who are seeking loan modification so they can afford to pay their mortgage.
The following are two of the new guidelines under Obama’s Home Affordable Plan:
- Before, the property must have a retained value of no less than 92% and this made it almost impossible to get a loan modification because only a handful of houses have that high a value. This time however, homeowners with less than the 92% mark can still qualify. After all, it is a fact that many properties have declined in value to 60% or 40% below the initial purchase value, so 92% is quite an unrealistic requirement.
- This program is open even to applicants who were previously denied a loan modification. This new loan modification program allows you to reapply with confidence regardless of your application history. For as long as you can prove that you are in financial hardship, you may be eligible.
For must know facts about how you can take advantage of Obama’s Home Affordable Plan, visit our blog at http://HomeBuyerStimulus.info/ to get answers today.
Is this another Obama’s failure?
The Obama administration’s $75 billion foreclosure prevention program has only been able to help a small fraction of troubled homeowners.
About 231,000 homeowners have completed loan modifications as part of the Obama administration’s flagship foreclosure prevention program through March. That’s about 21 percent of the 1.2 million borrowers who began the program over the past year.
But another 158,000 homeowners who signed up have dropped out — either because they didn’t make payments or failed to return the necessary documents. That’s up from about 90,000 just a month earlier.
We wasted $75 Billion dollars on this program….
Our foreclosure rates surge, biggest jump in 5 years…
http://news.yahoo.com/s/ap/20100415/ap_on_bi_ge/us_foreclosure_rates
So Democrats, do you think Obama’s health care plan will work? How confident are you?
Trying to help people, by spending money…
And Republicans were smart… we told you so.
No.
It’s another example of Obama trying to help out Americans after Republican deregulation of banks hurt them — and Republicans stopping him.
If you want to see those Americans get help, vote Democratic.
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Obama signs economic stimulus plan
Mortgage modification alternatives mystify many homeowners
Taxpayer-funded Home Affordable Modification Program, or HAMP, is the centerpiece of the nation’s foreclosure prevention effort. But it doesn’t work for many people.