Foreclosure Count Hits One Million
The count as of today is actually higher than one million–an unprecedented number in the United States up to this point. It’s even estimated to exceed two million by year’s end–and up to 9 million by 2012.
Sure, the Obama Administration has helped over 55,000 homeowners so far; but the Center for Responsible Lending estimates that there are 6,500 new foreclosures filed daily–or one every 13 seconds. These aren’t great odds in the least. (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…)