Upon taking office President Barack Obama was fully aware of the problems that many homeowners across the country were facing. Many of these borrowers have adjustable rate mortgages that are pushing many people into default and causing other great financial difficulties. Add on the fact that home values have plummeted across America and the need for a rescue plan is high.
In exchange for moving out within a month after the foreclosure proceedings have been concluded, a bank offers the tenants or even the owners some cash.
Economic analysts expect a 1.5 percent decrease in the country’s economic growth this year. With rising inflation and unemployment, the housing crisis and foreclosure problem is expected to continue.
Democratic candidate Barack Obama's victory and Republican candidate John McCain's loss were delivered to them by the nation's largest foreclosure states, as shown in an analysis of states' electoral votes and foreclosure levels.
President-elect Obama criticized Bush of not implementing effective measures against foreclosures and vowed to take action immediately after taking office.
Progress reports on the Obama Administration’s loan modification program showed that the initiative has failed to make a dent on the foreclosure problem of the country. In North Florida, the number of bank foreclosed homes is way ahead of the loan modification figures.
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.
Florida's housing market is awash with cheap houses for sale. But often, nonprofit groups are one step behind cash-rich investors in purchasing foreclosure properties.
Here are the eligibility rules for homeowners planning to save their dwellings from becoming repo homes under President Obama's Home Affordable foreclosure prevention program.
The possibilities of re-default are great under President Obama’s $75-billion program to stop foreclosures because it does not clearly screen out borrowers who will restructure just to extend their rent-free stay in the properties.
President Obama’s $75-billion program to avert foreclosures might not be able to help millions of distressed homeowners, as many homeowners are disqualified by the many restrictions in Obama’s program.
According to housing analysts, many troubled homeowners will not qualify for Obama’s plan. Among these are homebuyers whose homes have been foreclosed and have been tagged by lenders as cheap houses for sale.
Incoming President Barack Obama will allocate up to $100 billion of the $350 billion Troubled Asset Relief Program financial bailout fund for foreclosure prevention.
Several economists have contended that loan modification and refinancing programs launched by the Obama administration will not eliminate the problem of foreclosure properties. They said foreclosure prevention programs should focus on solving the causes of foreclosures.
Foreclosures continue to flood the market, pulling home prices down. Buyers only pay 10 cents on a dollar in a foreclosure sale as lenders aim to increase its home sales.
President Barack Obama said that in order for the $787 billion economic recovery plan to be successful, it must include measures to abate the foreclosure crisis.
Democrats and Republicans have opposing views on whether to release the remaining $350 billion of the Troubled Asset Relief Program (TARP) allocated for foreclosure prevention.
The bank foreclosure prevention program of CitiMortgage has been improving significantly. CEO Sanjiv Das also said that the bank has started implementing principal reduction for some deserving borrowers.
An estimated 1,000 families in Orange County, California have been living in cramped motel rooms, according to local officials. Many of these are formerly middle-class families evicted from properties hit by foreclosures.
President Obama has been encouraging Americans to take advantage of falling mortgage rates and the government foreclosures program which include loan modification and refinancing initiatives.
Real estate investors who were frustrated with the four-financed property limit will certainly be delighted to know that Fannie Mae has increased this limit to ten properties including homes in bank foreclosure listings.
Fannie Mae lost $23.2 billion due to large numbers of foreclosure homes that it had guaranteed. It has asked for billions more in funding from the U.S. Treasury.
Obama’s foreclosure plan triggered outrage as some people in media voiced out concerns about unfairness to responsible homeowners and property owners losing properties to tax foreclosures.
With the continuous economic crisis the nation is experiencing, more and more families are faced with foreclosures, even putting them at risk of becoming homeless.
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