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New Action Plan for Mortgage Borrower
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Posted on 11/30/09 at 2:00pm by Ed Liston
The Obama administration is expected to come up with a new action plan to control the rate of foreclosures. The plan is expected to include measures to redraw the repayment terms and to convert them to lower monthly installments. This is likely to help the borrowers retain their houses.
According to officials, the new plan will put more pressure on mortgage providers to modify their loans. It is also expected that mortgage providers will be given cash incentives for modifying their loans. Rising foreclosures put negative pressure on the economy by suppressing housing prices.
According to a report released by the Mortgage bankers association, 14% homeowners are either behind in their mortgage payments or are in the process of foreclosure. Treasury’s plan called ‘Home Affordable Modification Plan’ is likely to get a face lift and would now include newer aids like increased number of organizations providing help.
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I can't believe America has
by Anonymous on 11/30/09 4:07pm
I can't believe America has come to this. We have the President "shaming" the big Banks he just bailed out. The small Banks and Credit Unions will be the heroes in all this. Assuming they can survive the foreclosure and repossession wave (see: http://www.repofinder.com). Break up the big Banks and let the free market be free.
Well this is a bigger issuse
by Darius on 12/02/09 1:34am
Well this is a bigger issuse than what is being let out. Most servicers don't have the funds to help homeowners. The homeowners that is past due is also have delinquent taxes and insurance and other fee's. The servicers has to advance these fees' from money they had borrowed, most need hire a boat load of employees which is not going to happen. This is a messed up situation.
This is absolutely
by Ridiculous on 12/09/09 1:05pm
This is absolutely outrageous. Who would think than the US would hit such lows? Once a desirable place to live, it is being turned into a third world gestapo camp, where lies are already truths, and the rule is by the corporations who buy out presidents, governors and other officials.
Mortgage refinance rates in Canada are better for now, and are pretty low http://www.kanetix.ca/mortgage-refinance I hope the big brother to the south does not drag Canada too much with it.
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