Sunday, March 28, 2010
An expansion of foreclosure-prevent tactics has been announced by President Obama that includes a plan to reduce principal balances and special aid for unemployed borrowers.
The Federal Housing Administration will insure lenders against part of the losses and would be entitled with a bulk of the responsibility for carrying out the new program.
According to the plan, the banks would be asked to write down balances to less than the value of the home. The combined total would have to be no more than 115 percent of the home's value if there is a first and second mortgage.
A part of unemployed homeowners' loans would be paid by the Treasury for three months while hunt for job.
The Federal Housing Administration will insure lenders against part of the losses and would be entitled with a bulk of the responsibility for carrying out the new program.
According to the plan, the banks would be asked to write down balances to less than the value of the home. The combined total would have to be no more than 115 percent of the home's value if there is a first and second mortgage.
A part of unemployed homeowners' loans would be paid by the Treasury for three months while hunt for job.
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posted by Real Estate Investing @ 10:56 PM
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