by Admin on July 21, 2010
Just Remember:The governing administration stated they will aid 3 to 4 million home-owners with the Obama Making Home Affordable Program.
An boost in foreclosures, merged with the recent decrease in real estate sales, could send property prices in a free fall again. Some 91,118 people in trial modifications were canceled in June, bringing the total to 520,814 since the program began within the spring of 2009. Far more than 60% of those who dropped out last month had been in trials for at the least half a year. Property owners normally are kicked out of the mortgage modification program because they do not make the required payments, meet the qualifications, or submit the needed paperwork. Once their trials are canceled, about 45% of property owners receive alternate modifications, frequently one from their loan servicer.
Some 8.9% had foreclosure proceedings started against them and 1.3% lost their household in foreclosure. Only 364,077 stressed borrowers remain in the trial phase, some 38,728 of whom entered the software in June. Nearly 166,000 have been in trials for at least six months. 51,205 troubled homeowners received long term mortgage modifications in June, bringing the total to 389,198. 8,823 homeowners had their “permanent” modifications terminated, 195 of whom paid off their loans. “I feel like a broken record, but HAMP continues to perform extremely poorly,” said John Taylor, head on the National Community Reinvestment Coalition, an advocacy group. “The permanent modification numbers are simply way too low, while foreclosure filings continue above 300,000 for the 16th month in a row.”
That is 4,800,000 familes since Obama took office … is this “hope and change”?
Tags: Foreclosure Market,
Home Affordable Modification Program,
Housing Market,
Housing Videos,
Mortgage Bubble,
Mortgage Defaults,
Mortgage Delinquencies,
Mortgage Implosion,
Mortgage Video,
National Community Reinvestment Coalition
by Admin on April 14, 2010
Today’s newest review by a Congressional Oversight Panel, stated only 168,708 homeowners have been offered a long-term mortgage modification as of February. This is just a tiny portion of the six million individuals with mortgages who are more than 60 days behind on their loans.
These numbers are horrible!
The homeowners who received assistance are LESS THAN 10% of what was initially claimed by the Obama administration. Why is it that Americans seem to consistently receive the short end of the Obama bail out stick?
Obama’s foreclosure prevention plan, at best, is likely to assist 1 million troubled borrowers, short of the administration’s original goal of up to 4 million homeowners.
The program is funded with $50 billion in Troubled Assets Relief, or TARP, funds, putting it under the panel’s grasp. “For every borrower who avoided foreclosure through HAMP last year, another 10 families lost their homes,” the panel said of the administration’s Home Affordable Modification Program.
“It now seems painfully obvious that Treasury’s programs, even when they are fully operational, will not reach the overwhelming majority of homeowners in trouble.”
The panel’s report is the latest to slam the president’s foreclosure prevention efforts.
Last month two additional federal government watchdogs unveiled blistering studies that condemned the current administration for inadequate execution of the Home Affordable Modification Program and they also raised serious doubts that four million struggling homeowners could remain in their homes.
The panel lays out a number of issues, such as the continued sustainability of the modified home loans and the final price tag to the tax payers, as well as, the true objectives of the program.
The panel is also worried that the half dozen foreclosure avoidance programs introduced by Department of Treasury over the previous year has lead to much confusion and delays.
Tags: Foreclosure Market,
Mortgage Defaults,
Mortgage Delinquencies,
Mortgage Fraud,
Mortgage Implosion,
Todays Economy
