Obama Loan Modification
Dealing with recent real estate price declines has proven to be difficult for homeowners and industry sellers. For your convenience I have provided insightful information ABOUT Loan Modifications. The Obama Administration started the Making Home Affordable Program. Last week administration held a Homeowners Community Event in San Jose, Califonia. Fortunately, they will hold yet another even in Phoenix, Arizona on March 24th.
Over the past year reports indicate how homeowners that are looking for a loan modification in order to avoid foreclosure are taken advantage of. The market may not be something to write home about however, there is no level of concern from the Banks. For example, in a number of cases the homeowner managed to go through the initial trial period only to realize that the bank has decided to proceed with the foreclosure anyway. How can this be? It is painfully clear, no one is communicating. It is counter productive.
Reportedly, attempting loan modification has made things even worse. There have been numerous class-action lawsuits that have been started against servicers like Wells Fargo, Bank of America, Chase and Citibank.
However, the persuasive market maintainer the U.S. Department of Housing and Urban Development (HUD) claims that not everything is as bad as it is potrayed. Someone has to maintain confidence in our market. One positive thing is that new and existing homes sales have increased and affordability remains high.
Home prices have not completely stopped and are still “unsettled”, but Obamas program has helped “millions more to save money by refinancing”. “That’s why we’re committed to continuing to provide help to homeowners by implementing the broad range of programs the Obama Administration has put in place,” said Raphael Bostic, assistant secretary of HUD.
In case you are interested to attend this even, bring two recent pay-stubs, bank statements, and information concerning your credit card and other debt. Bring your recent mortgage statement to the Phoenix Convention Center, 100 North Third Street, Phoenix, AZ 85004. The event starts at 11 AM and lasts through 7:30 PM.
