Non-profit help to reduce mortgage or modify your loan to help you save your home
Presently the banks are often unable to help reduce mortgage rates for homeowners that are current on their loans. The Obama’s proposed plan is designed to alleviate the situation by encouraging banks to refinance or modify mortgages for responsible homeowners even if they are not yet behind on their payments.
mortgage modification program – Nearly 9.5 million households, or nearly one out of every five of the nearly 52 million homeowners with a mortgage, spend 38 percent or more of their pretax income on their mortgage payment, property taxes and insurance, the AP’s analysis found. That’s the new threshold to qualify for the loan assistance program launched last month by Fannie Mae and Freddie Mac, the mortgage finance companies now under government control.
stop foreclosure
Housing Secretary Shaun Donovan said Thursday in an interview that it’s critically important that banks and lending institutions “step up to the plate” to help make certain the Obama administration’s new home foreclosure initiative succeeds.
“This started as a mortgage crisis but it’s become a jobs crisis,” said Donovan following the announcement of the $75 billion plan to help prevent foreclosures.
In an interview with the “Today” show on NBC Donovan stated that the administration feels confident that enough requirements are put in place to ensure refinancing by the banks which will “tip the balance for millions of homeowners.”
Sheila Bair of Federal Deposit Insurance Company stated that the while some foreclosures will be unavoidable, the plan should help bring the foreclosure levels to the historical averages.
The…
Tags: loan modification, mortgage modification, Prevent Foreclosure Advice, stop foreclosure advice
By THE ASSOCIATED PRESS, February 13, 2009
WASHINGTON (AP) — Several big banks, including JPMorgan Chase and Citigroup, are expanding efforts to halt home foreclosures while the Obama administration develops a plan to help struggling homeowners.
The White House said President Obama would outline his plan to spend at least $50 billion to prevent foreclosures in a speech on Wednesday in Arizona, one of the states hardest hit by the foreclosure crisis.
“It’s not intended to be measured by one day’s market scorekeeping, but instead to ensure that the 10,000 Americans each day that have their homes foreclosed on — and the millions more that are barely getting by — are protected,” the White House press secretary, Robert Gibbs, said Friday.
Treasury Secretary Timothy F. Geithner announced…
Tags: foreclosure help, government foreclosure help, non-profit, Prevent Foreclosure Advice
