Homeowners report confusing, frustrating loan modification process
To battle foreclosures, the Obama administration launched programs with hopeful names such as Making Home Affordable, but as many homeowners seeking assistance are learning, such programs have added more confusion than help.
Many people look at the criteria for refinancing, loan modifications and assistance, then approach their lenders because it appears they qualify for help. But many find that, for one reason or another, they aren’t getting assistance.
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Friday, June 19, 2009
Homeowners report confusing, frustrating loan modification process
Foreclosures grind on as lenders fail to modify loans
June 19, 2009 -- Stephanie Armour -- USA TODAY
The Obama administration's $75 billion program to reduce foreclosures has been beset by backlogs and delays, leading many overstretched homeowners to complain about unreturned phone calls and inaccurate information from lenders, while others say they were denied help for reasons that weren't clear.
Details of the plan were unveiled in early March. The goal is to prevent up to 4 million foreclosures by having banks modify loans into more affordable monthly payments.
Since its debut, the plan has led to offers of more than 190,000 mortgage modifications with lower monthly payments, according to the Treasury Department. During that time, lenders either have started or advanced foreclosure proceedings against more than 1 million homes, according to RealtyTrac. About 20% of those were foreclosed upon and repossessed. The Center for Responsible Lending says 2.4 million Americans are at risk of foreclosure in 2009, and 8.1 million could be over the next four years.
more ...
The Obama administration's $75 billion program to reduce foreclosures has been beset by backlogs and delays, leading many overstretched homeowners to complain about unreturned phone calls and inaccurate information from lenders, while others say they were denied help for reasons that weren't clear.
Details of the plan were unveiled in early March. The goal is to prevent up to 4 million foreclosures by having banks modify loans into more affordable monthly payments.
Since its debut, the plan has led to offers of more than 190,000 mortgage modifications with lower monthly payments, according to the Treasury Department. During that time, lenders either have started or advanced foreclosure proceedings against more than 1 million homes, according to RealtyTrac. About 20% of those were foreclosed upon and repossessed. The Center for Responsible Lending says 2.4 million Americans are at risk of foreclosure in 2009, and 8.1 million could be over the next four years.
more ...
Obama’s Mortgage Refinancing Program May Be Expanded
June 19, 2009 -- By Dawn Kopecki and Jody Shenn -- Bloomberg
Fannie Mae and Freddie Mac may get permission to begin refinancing mortgages with loan-to-value ratios above 105 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs.
“We’re actively considering how to structure a program that makes sense over 105 percent,” Federal Housing Finance Agency Director James Lockhart said yesterday. He said a ratio of 125 percent “is a number” that’s on the table, though “not necessarily the number we’re going to end up with.”
more ...
Fannie Mae and Freddie Mac may get permission to begin refinancing mortgages with loan-to-value ratios above 105 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs.
“We’re actively considering how to structure a program that makes sense over 105 percent,” Federal Housing Finance Agency Director James Lockhart said yesterday. He said a ratio of 125 percent “is a number” that’s on the table, though “not necessarily the number we’re going to end up with.”
more ...
Fannie and Freddie May Refi Deeper-underwater Mortgages
June 19, 2009 -- Seattle Post-Intelligencer
The government may soon let mortgage giants Fannie Mae and Freddie Mac refinance mortgages whose balances are higher than 105 percent of a home's value, according to a Bloomberg report.
"We're actively considering how to structure a program that makes sense over 105 percent," Federal Housing Finance Agency Director James Lockhart said, according to Bloomberg. The story quoted him saying a limit of 125 percent was under consideration, but "not necessarily the number we're going to end up with."
more ...
The government may soon let mortgage giants Fannie Mae and Freddie Mac refinance mortgages whose balances are higher than 105 percent of a home's value, according to a Bloomberg report.
"We're actively considering how to structure a program that makes sense over 105 percent," Federal Housing Finance Agency Director James Lockhart said, according to Bloomberg. The story quoted him saying a limit of 125 percent was under consideration, but "not necessarily the number we're going to end up with."
more ...
Local Bank, Sheriff's Office Work To Cut Down Foreclosures
June 19, 2009 -- WFMZ
MONTGOMERY COUNTY, PA--It's a partnership that could give a lot of homeowners some peace of mind: Chase Bank and several county sheriffs are working together to cut down on foreclosures. As WFMZ's Stephanie Esposito reports, those sheriffs are now delivering good news, instead of delinquency notices.
more ...
MONTGOMERY COUNTY, PA--It's a partnership that could give a lot of homeowners some peace of mind: Chase Bank and several county sheriffs are working together to cut down on foreclosures. As WFMZ's Stephanie Esposito reports, those sheriffs are now delivering good news, instead of delinquency notices.
more ...
Thursday, June 18, 2009
Fannie, Freddie in Limbo as Geithner Seeks More Time
June 18, 2009 -- By Dawn Kopecki -- Bloomberg
Fannie Mae and Freddie Mac will remain in limbo as the U.S. Treasury secretary said the government doesn’t have time now to deal with the future of the two mortgage-finance companies it seized in September.
“We did not believe that we could at this time -- in this time frame -- lay out a sensible set of reforms to guide, to determine what their future role should be,” Treasury Secretary Timothy Geithner told the Senate Banking Committee in Washington today. “We’re going to begin a process of looking at broader options for what their future should be.”
more ...
Fannie Mae and Freddie Mac will remain in limbo as the U.S. Treasury secretary said the government doesn’t have time now to deal with the future of the two mortgage-finance companies it seized in September.
“We did not believe that we could at this time -- in this time frame -- lay out a sensible set of reforms to guide, to determine what their future role should be,” Treasury Secretary Timothy Geithner told the Senate Banking Committee in Washington today. “We’re going to begin a process of looking at broader options for what their future should be.”
more ...
Tuesday, June 16, 2009
HUD Offers $58 Million for Housing Counseling
Funding to help hundreds of thousands of homeowners, homebuyers and renters find and sustain housing
WASHINGTON--The U.S. Department of Housing and Urban Development today announced that more than $58 million is available for a broad range of housing counseling programs to help families find and preserve housing. The funding is an increase of $11 million, or 23 percent, over last year. These grants will be awarded competitively to hundreds of HUD-approved counseling agencies and State Housing Finance Agencies that offer a variety of services including how to purchase or rent a home, how to avoid foreclosure, how to improve credit scores, and how to qualify for a reverse mortgage.
"Now, more than ever, it is crucial that American families make informed decisions about their housing choices," said HUD Secretary Shaun Donovan. "These counseling agencies are also vital to the success of the President's Making Home Affordable Plan which is helping families avoid foreclosure and remain in their homes."
more ...
WASHINGTON--The U.S. Department of Housing and Urban Development today announced that more than $58 million is available for a broad range of housing counseling programs to help families find and preserve housing. The funding is an increase of $11 million, or 23 percent, over last year. These grants will be awarded competitively to hundreds of HUD-approved counseling agencies and State Housing Finance Agencies that offer a variety of services including how to purchase or rent a home, how to avoid foreclosure, how to improve credit scores, and how to qualify for a reverse mortgage.
"Now, more than ever, it is crucial that American families make informed decisions about their housing choices," said HUD Secretary Shaun Donovan. "These counseling agencies are also vital to the success of the President's Making Home Affordable Plan which is helping families avoid foreclosure and remain in their homes."
more ...
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