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.
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.
Incoming President Barack Obama will allocate up to $100 billion of the $350 billion Troubled Asset Relief Program financial bailout fund for foreclosure prevention.
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.
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.
The foreclosure prevention plan unveiled by President Barack Obama has left more questions unanswered including how the administration will implement its refinancing program.
Freddie Mac's decision to suspend government foreclosures on at-risk loans that are eligible under any housing initiatives is a sign of its commitment to guarantee the success of the Home Affordable program.
Majority of bank and government foreclosures notices were received by young families, first-time homebuyers and middle-aged couples in 2008, causing the housing market to become even more unstable.
The foreclosure prevention initiative announced by President Obama has generated support from mortgage professionals, builders and realtors who are hopeful that it would stabilize the housing market.
HUD Secretary Shaun Donavan has called on banks to take aggressive actions to ensure that the Obama Administration's foreclosure prevention initiative will succeed.
Borrowers who fail the 20-percent equity requirement in loan refinancing can still save their homes from foreclosures by following the refinancing program's private mortgage insurance option.
President Barack Obama's proposal to reduce tax breaks has caused concern to homeowners who fear a drop in housing values and increase in Florida foreclosures.
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 $75 billion foreclosure properties prevention program is starting to help some residents in Arizona as lenders adjust interest rates and loan principals so that distressed homeowners could afford their monthly payments.
The Obama Administration is looking at the possibility of reducing monthly mortgage payments of homeowners who are in danger of losing their properties to foreclosure.
Detroit foreclosed homes are still soaring, as seen in the rising number of families asking for help from nonprofits, housing advocates and homeless shelters. Congressman John Conyers said that about 197 homes are being foreclosed every day in Detroit.
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.
Billionaire Warren Buffett believed that the country’s economy would worsen and the total number of foreclosure homes would bottom out before they will show any recovery.
In support of President Obama’s affordable-home initiatives, the state of New York and several legal nonprofits in the state have been offering assistance to troubled borrowers to prevent their houses from following the fate of thousands of foreclosed homes in the state.
President Obama travels west to promote his $787-billion economic recovery package, which includes billions of dollars to help homeowners in danger of foreclosure.
First-time homeowners who purchased their homes in 2008 feel unfairly excluded from the $8,000 tax credit given to first-time homeowners in 2009. Similarly, homeowners who lost their homes to tax foreclosures are also unfairly excluded from federal assistance.
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