The result could be a new wave of foreclosures
WASHINGTON - A growing number of homeowners who sought help from the Obama administration's main mortgage aid program are in danger of losing their homes.
The Treasury Department says about 436,000 borrowers have dropped out of the $75 billion plan as of last month. That's about 35 percent of the 1.24 million who enrolled since March 2009.
The result could be a new wave of foreclosures that could weaken the housing market and hold back the broader economic recovery.
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Little pink houses for you and me.
ReplyDeleteMY mortgage is paid like clockwork (and I'm beginning to wonder if THAT is the smartest thing to do...LOL!) but I know someone who is doing the "loan modification" thing and from what he tells me, it seems like a big scam to take the homeowners money AND their house...I don't know EVERY detail, but I can't see how anyone can actually conform to the program if they were already in financial distress...this person is required to pay a third party $4000 over a period of 3 months, THEN he gets to "modify" the home loan (whatever THAT might entail) ---- but his mortgage payment is $1150...seems to me if he can pay THAT, why would he need a modification??? and why is a third party, unrelated to the original mortgage transaction, involved in that, anyway? Is this why hundreds of thousands of homeowners in this program are STILL having huge problems? More "protection" for the citizens?? Please, sir, may I have some more "protection"...throw in a few hard slaps across my face, too....
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