Obama Administration’s Making Home Affordable Plan Has Problems
Up to 9 million homeowners who are at risk of losing their homes were supposed to benefit from the Obama administration’s Making Home Affordable program. Participants were supposed to be able to lower their monthly mortgage payments through refinancing.
The plan was supposed to help more than 4 million homeowners by guaranteeing loans through Freddi Mac and Frannie Mae; other citizens in need were meant to benefit from the $75 billion in incentives given to providers in order to administer mortgage modifications. (more…)
New Incentives for Mortgage Modifications
The U.S. Treasury continues to push for homeowner assistance programs. New incentives are now being provided for lenders who agree to modify mortgages with severe home-price deadlines, as well as pursuing “short sales,” which allow the homeowner to sell their property quickly, but for less than the balance owed.
In order to increase anti-foreclosure methods, the government is hoping that these measures will help stabilize the housing market and aid in overall economic recovery.
Job Loss Protection Program to Help New Buyers
Incentives for buying homes are coming out of the woodwork like pre-inspection termites, and Realty USA of Clifton Park, New York is getting in on the frenzy.
Buyers will receive an insurance policy–paid for by a one-time $500 fee at the seller’s expense–to cover mortgage bills in the case of involuntary job loss or economic hardship.
Up to $1,800 in mortgage bills, for up to six months, will be available for coverage under the company’s Job Loss Protection Program. (more…)