Dawn Barrier REALTOR®, 's Blog,LAS VEGAS BLOG

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The President trys to Prohibit Home-Loan Foreclosures Without HAMP Review

The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government's Home Affordable Modification Program. Read the whole article at Bloomberg

"It is one of the many ideas under consideration in the administration's ongoing housing stabilization efforts," Treasury spokeswoman Meg Reilly said in an e-mail. "This proposal has not been approved and there are no immediate planned announcements on the issue." She confirmed the authenticity of the document, which hasn't been made public.

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Dawn Barrier at HOMESMART ENCORE Las Vegas, Nevada   

 

(702) 812-4550 

 

Las Vegas, Nevada   

January 2020

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HOMESMART ENCORE Las Vegas Dawn Barrier

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Comments

Very few people qualify for the modification program. So, delaying the foreclosures just adds to the losses that the banks have. If Obama really wants to help, he should look into making that modification program REALISTIC !!

Posted by Eric J, Dream Home Financing (Eric J - Dream Home Financing) over 10 years ago

I agree with Eric.  But the administration talks big about "helping" and the media just eats it up.  People hear it and think they're helping homeowners when in reality the admin's efforts are merely adding to the problem.

Posted by Ray Wright, SoCal Realtor - A.L.C. (Keller Williams Realty) over 10 years ago

And to top it off, most of these programs are really "voluntary".  Many may try to do the loan mod for 3-6 months or more then only to get denied, or their situation changes in that tiime and they end up as a short sale or foreclosure.  Then there are so many, that just make a hair too much in the lenders eyes so they don't qualify won't give them a loan modification and so a lot of those folks will become the stratic defaulters in the future ,,,just my 2 cents

Posted by Dawn Barrier in Las Vegas at HOMESMART ENCORE, Homes in Las Vegas Nevada 702-812-4550 (HomeSmart Encore - Las Vegas) over 10 years ago

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