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The Wall Street Journal reported today that the Obama administration is launching a mortgage aid program which is aimed at reducing mortgage balances for homeowners who are currently underwater but are not in default. The federal government has set aside $14 billion as a way to modify between 500,000 and 1.5 million underwater loans that could … Continue reading Feds Launch Broader Mortgage Aid Program The Associated Press recently reported that more people are dropping out of the Obama administration’s loan modification program — a sign, experts say, that foreclosures will rise and cause further damage to an already weakened housing market. The Treasury Department says that, of the 1.3 million homeowners who enrolled in the program since March 2009, 530,000 … Continue reading More Homeowners Leaving Government Loan Program This blog has previously reported on those who have strategically defaulted on their mortgages — that is, they have stopped paying their mortgages altogether, knowing they can no longer afford to pay them. Now, it’s not just middle-class and lower-middle-class folks throwing in the towel in their struggle to make payments; it seems the rich … Continue reading Who’s Defaulting Now? The Rich The housing crisis may get more personal for struggling homeowners, even those who have perfect credit. RISMedia reports that homeowners seeking a loan modification or considering foreclosure to help them pay their mortgages might see their credit score fall sharply, thanks to the effects of the housing debacle. It gets worse. Citing complaints from bankers that … Continue reading Housing Crisis May Ruin Your Credit Score April was one of the cruelest months for homeowners seeking aid from the federal government to pay their mortgages. The Washington Post reported yesterday that 280,000 borrowers — or 20% of homeowners — were dropped from the Making Home Affordable program, raising questions about the effectiveness of stemming the tide of foreclosures. Treasury data showed that … Continue reading 1 in 5 Homeowners Dropped from Federal Mortgage Aid Program in April The Associated Press reported this week that the government’s mortgage relief plan has helped only 16% of borrowers who signed up since the plan’s launch last year. According to the Treasury, till last month, 170,000 homeowners had completed their applications and undergone permanent loan modifications, out of the 1.1 million homeowners who enrolled in the … Continue reading Under Government’s Mortgage Plan, 16% of Borrowers Received Aid Beginning April 5, the government plans to launch a new program that will allow homeowners to sell their homes for less than they owe and pay them to help cushion the loss. So far, the government’s Making Home Affordable Program focused on helping homeowners keep their homes and prevent foreclosure through loan modifications or refinancing. However, … Continue reading New Program Will Help Homeowners Make a Short Sale |
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