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Some are seeing signs of hope – hope that the federal programmes would be able to contain foreclosed houses. Craig Vale is one of the many foreclosure victims. He has desperately been trying to be current on his mortgage but had a gut feeling that foreclosure would soon catch up with him. He was an operator in a printing shop but had lost his job. At this point he came to know about a new programme meant to help many like him.
In the previous week Vale and his spouse Bobbie passed the trial test of loan modification. Now their interest rate would be reduced lowering their monthly commitments giving them a chance to continue to stay in the house that was their home.
Vale said, “My wife lost her job after she became disabled; then I got laid off. We were still scraping by, but the handwriting was on the wall. Then we heard about this program that seemed exactly for people like us who had never been late on their mortgage. And it gave us some hope.”
Thousands across the country have availed of this opportunity thrown to them by the federal programme of Making Home Affordable. It offered help to those who were current in their payments but were finding it difficult to continue. Within three months of the plan taking off over 120,000 borrowers managed to get their loans modified; others were able to refinance into new agreements through this plan according to Treasury reports.
The early gains are in sharp contrast to the total failure of Hope for Homeowners initiated by the Bush regime. Beset by administrative bungling it fell flat. Only one was eligible for help while a mere 100 applied for it.
The new programme has still miles to go before it will have some impact on the tsunami of foreclosures. Nevertheless the beginning has given rise to hope for better days ahead.
Rosa Miro is a housing counselor working with Consumer Credit Counseling of Central Florida. She commented, “There’s no comparison to other programs. I was never able to put even one client in any of those programs. This one at least gives people a real opportunity to recover.” What makes the measure distinctinctive is that for the first time money, to the tune of $75 million, has been focused in the right direction. All the interested parties have been offered carrots to egg them on.
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One Response
I think that home foreclosures are getting out of control across the nation. I also do not feel that the banks are providing the help that they are suppose to be. The government has issued banks a huge bail out to prevent these foreclosures and I just feel like the banks are almost more stingy with their money now.
People need to start being aware of alternatives to foreclosures and dealing with their bank. There are several alternatives to get a good loan modification to lower your monthly payment. I would suggest going through a company that has an on staff attorney who is experienced in the field of loan modifications. There are also many online sites that can help lower your monthly payment and help you prevent a foreclosure. My friend just went through http://www.Carrotpeel.com for his loan modification and he thought it was excellent service and results.
Whatever you choose to do make sure they are helping you prevent foreclosure and that they are helping you personally.
Good Luck, John