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.
In desperation to pay up for their foreclosure problems, some Virginia Beach homeowners ended up losing their homes. Scammers have seen another way to swindle.
The mortgage unit of Citigroup Inc. has substantially increase its loan modification efforts in response to the Obama Administration's call to intensify and speed up the process to help as many people as possible avoid foreclosures. Additionally, the unit hired more employees to handle its foreclosed prevention program.
The problem of loan deficiency is hounding more and more New Hampshire foreclosure properties homeowners who thought that letting banks foreclosed would end their troubles.
The Florida foreclosure homes process has been streamlined by a task force created to recommend procedures, policies and strategies that courts could implement statewide. The task force reported an option of managed mediation to modify the communication between borrowers and lenders.
The foreclosed home listing prevention program under the Obama administration is now being criticized for another crushing point. Distressed homeowners in California are now finding out that there is a waiver in their HAMP documents allowing lenders to pursue their foreclosure actions without notifications.
Unemployment and underemployment issues are still infecting the economy. To help stabilize the foreclosure crisis, states like Oregon have started their own initiatives.
Many homeowners are seeking the help of the federal Making Home Affordable Modification Program to prevent foreclosures. The Obama administration will spend only a fraction of the sum it announced to help struggling homeowners.
The relatively unknown City of Olathe in Johnson County, Kansas is putting its federal grant to good use as it recycles land and re-houses citizens in previously derelict buildings.
There has been some trouble in the past with the Home Affordable Modification Program and in July it was no different. The HAMP program has had some short fall with the program itself and with the way the market directed people.
Many fraudulent mortgage rescue companies are preying on homeowners struggling to fight foreclosures. A law has been passed to prohibit companies from taking advance fees before producing genuine results.
First and final foreclosure activity went up in Massachusetts during the first four months of 2010, and more radically during April. Is this backlog, or new cases?
Experts agree that principal reduction is the only solution to the foreclosures crisis. All observe that the Obama administration's HAMP (Home Affordable Modification Program) has failed to stem the tide of foreclosures.
Print This Article
Add To Favorites