August 11, 2009
How is Loan Modification Work
Is this MORTGE MELT DOWN inspiring YOU, your family, your FRIENDS, your STREET or your TOWN? When you call your BANK and ask for HELP who’s best interest do you believe they have yours or theirs?
Mortgage lenders don’t attempt to rework most home loans in foreclosure because it would possibly mean losing money, a study released yesterday by the Fed Reserve Bank of Boston concludes. The Boston Fed’s findings suggest the Obama administration’s major effort to resolve the foreclosure crisis by giving the lending industry $75 bln to rewrite delinquent loans to more affordable levels is not likely to work.
US Representative Barney Frank, head of the House Financial Services committee, recounted the result of this study might provide answers as to the reasons why so few fighting house owners have been in a position to get help. ‘The failure to do these alterations means the whole situation stays bad longer.” Help is now available through non-profit companies http://free-foreclosure-stop.com
According to the Office of the Comptroller of the Currency, lenders are trying to maximize profits, and at this point maximizing profits does not mean modifying loans. As a result, the number of foreclosure proceedings increased to 844,389 during the first quarter of 2009, up 73% from the first quarter of 2008. Foreclosures continue at a high rate. “There are something like 2.5 million U.S. homes in foreclosure now, and 250,000 new foreclosures starting every month,” according to Valparaiso University law professor Alan M. White, who has studied the issue. “They are not even making a dent,” he said of the administration’s program.
The bottom line is who’s going to help with your LOAN PROBLEMS? Who can you trust not to hurt you? Are the non-public corporations out there in acceptance of the govt or are they SCAMS? It seems the non-public sector does have solutions. http://free-foreclosure-stop.com
You have to do your homework like never before because this is your MONEY and FUTURE and no one cares more about your MONEY than you do!
Filed under Other - Business & Finance by Xandra Torres
