Monday, March 29, 2010
The Obama government announced a plan to decrease the mortgage loans of some homeowners and provide unemployed homeowners a short term break. The government officer said their goal is to meet their last year goal to help 3 to 4 million borrowers to stop foreclosure.
The new attempt is planned to help two groups. Borrowers who owe more on their loans than their houses are worth. Nearly 15 million homeowners fall into this category and 10 million of them owe 20% more than their homes present value. Unemployed borrowers who are getting unemployment benefits notice their mortgage payments fall to not more than 31% of their monthly income only for three to six months. It is planned to give homeowners more time to find a work. After that they may be eligible for a loan modification to decrease their expenses.
posted by Avoid foreclosure, We buy houses, Stop foreclosure
@ 3:02 AM
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