Thursday, September 6, 2012

Government Foreclosure Relief

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There are eleven million (11,000,000) mortgages now under water; meaning that mortgage holders owe more on the house than the house is worth. There are an estimated four million (4,000,000) more foreclosures in the pipeline. There have been only one hundred and seventy thousand (170,000) loans modified.

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The program allows population who qualify to try to turn the terms of their current loan.
How do you qualify?:
• Has to be for your original residence
• Current loan can be up to 9,750 depending on the area of the residence
• Existing loan can not be an Fha loan
• Must document income
• Credit score must be at least 500
• Existing lender must agree

If you do not qualify for a refinance, the government will help you make a short sale or a deed in lieu sale. A short sale means that you get permission from your bank to sell your house for less than what is excellent on the mortgage. In lieu means that you sign a document that says, take the house and publish me from my mortgage. The bank has to pay the unlikeness and dispell it. The government is going to pay you three thousand (,000) to do that.

Bottom line, foreclosures are bad for all of us, and we need to try to prevent foreclosures. This is a way to mouth the value of our real estate.

President Obama has announced a .5 billion federal aid box to help with home foreclosures. The .5 billion federal aid box will be distributed to housing agencies in California, Nevada, Florida, Michigan, and Arizona which are the states hardest hit by the housing crisis. This money is to help keep struggling homeowners in their houses.

These five states, where the housing emergency has taken the biggest toll, will receive part of a .5 billion federal aid box intended to slow the tide of home foreclosures. These are the states where home prices have dropped more than 20 percent since the peak of the market, in a bid to help keep struggling homeowners in their houses.

According to the president, the goal of this box is to target communities at the center of the crisis, and to empower local agencies who know these communities best to structure and tailor their programs in ways that are most responsive.

Federal officials say the aid box will be distributed to states based on a formula that will also reconsider unemployment numbers. The aid box will be taken from the 0 billion Troubled Asset Relief program (Tarp). The money could maybe fund programs to aid out-of-work homeowners, or contribute mortgage relief to owners with negative equity.

Some experts say that once the .5 billion is divided up among the five states it may whole to merely to a Band Aid on the foreclosure problem.

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