[877YouKeep]

The latest programs by the government programs to assist to stop foreclosure for homeowners keep their homes are not adequate addressing the current foreclosure issues and will only delay foreclosures, this has been and is a new report from the Congressional Oversight Panel which is bipartisan.
The reports showing how effective the Obama program Home Affordable Modification Program (HAMP), reveal that the HAMP program does not address major factors that are expected to drive foreclosures in coming months, including scheduled resets on payment option adjustable rate mortgages and interest-only mortgages, and rising unemployment rates, which the report says appears to be one of the biggest factors driving foreclosures.
The report, released on Friday, came out one day after the Treasury Department announced that the Making Home Affordable Program had reached a major milestone one month early, achieving a level of 500,000 trial loan modifications begun by the first of October. However, the report notes that even if the program achieves its goal of modifying 3-4 million mortgages, that will be less than half of the estimated 10-12 million foreclosures predicted to result from the current financial crisis.
The report did say that the benefits of the $42.5 billion foreclosure modification program are likely to outweigh the costs to taxpayers, however. An estimated one mortgage in eight is current in default or foreclosure, according to the report.
Cites concerns with scope, scale and permanence
The report cited three major concerns with the administration’s foreclosure avoidance program as it currently stands. First, it said the scope of the program is too narrow, appearing to address the foreclosure problem as it stood six months ago instead of today, noting in particular rising problems with unemployment and mortgage resets the program was not designed to address.
Second, the report says that the scale of the program is inadequate to address the current foreclosure crisis, noting that foreclosure starts are outpacing loan modifications under the program by a 2-1 ratio. It questions whether the program will be able to slow down the foreclosure crisis and moderate its impact on the economy even if it manages to achieve its targets for loan modifications.
Third, the report questions the permanence of the solutions offered under the program, questioning whether the loan modifications will put homeowners into a long-term stable situation. It notes that for most homeowners, their loan modifications will expire after five years, after which their payments will rise. It also points out that reducing mortgage payments for many homeowners will actually result in greater negative equity, which has been associated with increased rates of default.
The bipartisan Congressional Oversight Panel was created to oversee the expenditure of the Troubled Asset Relief Program (TARP) funds authorized by Congress in the Emergency Economic Stabilization Act of 2008 (EESA).
We continue to field call from homeowners that are looking for To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.
To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. in Port Orchard, Washington
I really don’t know how we got so behind other than I was sick during the summer and I had no sick time left, then we had family that needed help so we helped them, We can afford to make the payments, our lender is Kitsap Credit Union and we To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.
To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. in Beaverton, Oregon
Became unemployed in Feb 2009 could no longer afford payments now I have a full time job and would for a company to help me negotiate a lower payment and get up to date I have no equity in home and no second mortgage. We have really had problems once we became unemployed and keeping up with daily expenses
To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. in COLLIERVILLE, TENNESSEE – SHELBY COUNTY TENNESSEE
HAD BABY WITH A HEART AILMENT S WAS OFF WORK FOR 8 MONTHS, FILED BANKRUPTCY WAS UNABLE TO KEEP UP WITH ALL PAYMENTS BECAUSE OF THE SIZE OF THE ARREARAGE. BANK OF AMERICA (FORMERLY COUNTRYWIDE) To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.
To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. in Old Saybrook, Connecticut – Middlesex County
House has been on market for over a year. 6 months with a agent and agencies then we changed agents and agencies still cant sell. selling on our own not. All other houses in area selling but not ours. We had a automatic payments done through accounts at banks. plus the wife did not work during the summer. keeps helping her family rather then pay our bills.
To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. in Wilton, New Hampshire
I was married got divorced, lost my job, got a new one then went back to old job for 9 months then lost my job again. I have had a roommate since my divorce and she lost her job at the same time. got a job that was to be 40 hours turned out it was only part time I now have a job that is 40 hours but room mate still is unemployed. I have tried to work with different people to save my house and I only have lost money that I didn’t have I now have a full time job and the company is beneficial. I need help with forcloseure in NH


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