Obama’s loan modification program is expected to fall short of its goal to reduce the number of foreclosure homes in California because nearly 30 percent of homeowners owed mortgages more than the market value of their properties.
The foreclosure prevention plan unveiled by President Barack Obama has left more questions unanswered including how the administration will implement its refinancing program.
The government has once again revamped their Affordable Modification Program in an attempt to make it 'work' this time. Unfortunately, the program targets the wrong groups of home owners and is attempting to force lenders to modify mortgages that may never work.
The increase in the number of foreclosure homes in the United States is fueled by a rise in mortgage defaults in some states, including Georgia, Louisiana, Texas and New York, where unemployment rates are also on at a record pace.
The city of Mesa in Arizona is a symbolic representation of how foreclosure can destroy a suburban community that was once among the fastest-growing cities in the United States.
Hundreds of potential homebuyers who want to take advantage of the low home prices are going on tour of houses included in tax foreclosure property listings.
In several of his television guest appearances, senior adviser David Axelrod provided insights on President Barack Obama's foreclosure prevention program.
A triple rate increase in Central Florida foreclosures is seen in the cities of Deltona and Kissimmee while Bank of America is planning to grant $2.5 million to help stem the tide of foreclosures.
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