Archive for the 'Foreclosure Help' Category

Last week, the Obama Administration announced an expanded version of its $75 billion Making Home Affordable program as part of an effort to reduce the number of forclosed home. The enhancement offers incentives to lenders who allow a short sale. The original version of the program only focused on giving incentives to lenders who modify loan terms to make them affordable for distressed homeowners.

An estimated total of 750,000 jobs would be developed or saved by August under programs launched by the administration of President Obama to fight the effects of foreclosures.

FICO, previously Fair Isaac and Co., has launched a Web site that aims to help lower bank foreclosed home rates in the United States. The FICO Web site is welcomed by industry experts who are concerned over companies that fail to fulfill their promises to help distressed homeowners arrange loan modifications.

Bargain-priced homes in foreclosure listings are attracting first-time homebuyers nationwide.

Now, President Obama has widened the scope of his government foreclosures program by adding second mortgages to the program and directing more distressed homeowners to the revised Hope for Homeowners program which was launched in October last year.

Senators are being called upon by housing advocates, economists and journalists to help save their constituents from being forced out of foreclosed homes by approving the bankruptcy reform proposal. The proposal would allow judges to force lenders to restructure the mortgage loans of homeowners in danger of foreclosure.

Bay area communities received a total of $32 million from President Obama's Neighborhood Stabilization Program to purchase foreclosed homes and then rehabilitate them for affordable housing and rental properties. The money was the area's share of the $3.92 billion budgeted in 2008 by Congress for the stabilization program. This year, Congress allocated another $2 billion to the program.

Several economists working for federal reserve banks argued that unemployment is triggering more private lender and government foreclosure than high mortgage rates. They argue that the continued focus of the government foreclosures program on loan modifications and loan refinancing may not be able to solve the foreclosure problem.

JPMorgan Chase, a global financial services company, has intensified its campaign to help distressed homeowners prevent repo homes.

As the number of distressed homeowners who want to save their properties from bank and government foreclosures continues to grow, so are companies that took advantage of the desperation of homeowners.

The Obama Administration has added another weapon on its arsenal of programs and strategies to help millions of distressed homeowners save their properties from becoming foreclosed homes.

Two housing advocates in California have called on President Barack Obama's administration to expand its foreclosure program in order to help more distressed homeowners. They said the requirement that borrowers' loans must not be more than 5 percent higher than the value of their homes will exclude many homeowners in California.

On February 18, 2009, President Barack Obama showed his administration's commitment to boost the country's economy and strengthen the housing market by announcing an economic stimulus package that includes a foreclosure prevention plan.

Advocates for homeowners across the country are reacting with anger to critics of efforts by the Obama administration to help homeowners troubled by lender foreclosures. Critics are accusing Obama and his advisers of using the hard-earned money of responsible citizens to abet the foolishness of borrowers defaulting on their mortgage loans. They assert that losers should be blamed for their losses and should face the consequences. Some say persons who have lost assets to tax foreclosures are not laying the consequences on other taxpayers.

President Obama in Phoenix, AZ today unveiled his administration's latest attempt to help save millions of Americans from possible foreclosure. The Homeowner Stability Initiative will provide up to $75 Billion dollars in aid to struggling homeowners; those who are facing foreclosure and those who also are "upside down" on their home loans. This new initiative is expected to help as many as 9 million homeowners and will be ready to start helping homeowners as soon as March 4, 2009.