What Alternate Remedies Do You Have If Obamas Loan Modification Plan Fails-lformat

Finance By this time, most of us have already heard about that Barack Obama has proposed and passed the Homeowner Affordability and Stability plan which is designed to help 7 to 9 million American families with loan modifications. Obama’s Homeowner Affordability program is a loan modification program designed to save as many as 9 million homeowners who may be facing forelosure, and carries with it a price tag of $75 billion, claims the US Treasury Department. The Homeowner Affordability and Stability Program requires: 1. The owner has to actually live in the home. 2. You must have a documented financial hardship 3. Your home mortgage payment must be more than 31% of your monthly gross in.e 4. Your loan must be owned by Fannie Mae or Freddie Mac Your overall mortgage must be owned by the government agencies Fannie Mae or Freddie Mac. If the the above information pertains to you, then you can apply for the Homeowner Affordability and Stability Program. If you do not understand it, then this article will provide details about TARP and other programs. The Troubled Assets Relief Program (TARP) US tax dollars are currently being placed back into the control of bankers without much government direction on spending. The TARP was intended to make financial markets more liquid, in an effort to encourage banks to lend. However, banks that received bailout money had paid their top executives nearly $1.6 billion in salaries, bonuses, and other benefits in 2007. While the Obama plan would cap executive pay at $500,000 for .panies being bailed out, it does not limit payments of stock. Despite our high hopes, the bailout programs are not intended to help those of us who live on Main Street, but rather those who work on Wall Street. It is testimony more to the power of the financial industry’s political connections than to its role in the economy. Banks are important, yes. But so are manufacturing firms, retail stores and software .panies. We didn’t bail out the technology industry after the dot-. bubble burst, and it recovered well without government help. Main Street might have preferred to have a choice about whether to bailout corporate America or the average American homeowner. Instead, the choice is being made by politicians, who are gambling with other people’s money to advance their own agendas. The financial bailout isn’t as bad as Main Street thinks. It’s worse. The government just does a really good job of packaging it up and selling it to the American people. The efforts of President Barack Obama to alleviate the foreclosure crisis won’t help over 80% of U.S. struggling families in their efforts to stop foreclosure and save their homes. I believe it is vital to realize that the ones that really profit in this instance are banks. Some problems encountered by government officals in dealing with the bailout are tracking money flow and measuring the overall effectiveness of the bailout. During 2008, the .panies that received bailout money had spent $114 million on lobbying and campaign contributions. These are the same people who enjoyed the government’s bailout package of $295 billion. By now is should be clear that the banks are not your friends. They are a "for profit" business and are looking out for their bottom line, not yours. Banks are sneaky, although they are supposed to play by the rules and provide eligible homeowners a loan modification, that isn’t always the case. A lot of times they want to find any reason to reject your loan modification and after that it’s very hard to get an approval. You need to read the fine print even in the event that you’re lucky enough to qualify for the loan modification program. These agreements will sometimes have conditions that will cause them to be voided if, for example, your homeowner’s insurance expires or you be.e delinquent on your property taxes. Lenders are keenly aware that individuals who have fallen behind on their mortgages also have probably not paid their taxes or insurance in a timely manner, either. The Obama Home Affordability and Stability Program is designed to help from 7 to 9 million homeowners. If you are one of the millions of other homeowners who don’t qualify under the Obama guidelines and need a little assistance then help is available. Retaining an experienced real estate attorney to represent you and negotiate your loan modification is the best method to use when Obama’s loan modification plan isn’t working for you. You can halt a pending Notice of Sale or other foreclosure proceeding by using an attorney firm. Before you throw in the towel you should consider fighting for your rightful share of the economic stimulus package. A lot of options exist for lawyers with experience to oppose a tough lender who is trying to foreclose on your home. About the Author: 相关的主题文章: