Tuesday, May 26, 2009

Face-Lift for Foreclosure Prevention

The Obama administration is attempting to revive the stalled Hope for Homeowners program that could restore equity to hundreds of thousands of borrowers whose home values have plummeted. According to the Washington Post, after eight months, the program has helped just one borrower secure a more affordable loan.

President Obama signed legislation last week simplifying and lowering the cost of the program for lenders and borrowers. Lenders that participate also are eligible for incentive payments from government bailout funds.

The article also reports that the revised program is now attracting some unexpected backers: Investors who had refused to consider the program's requirement that they forgive some of a borrower's mortgage balance if the home is worth less than is owed, known as being underwater, are now trumpeting that provision. Read more from Washingtonpost.com.

2 comments:

lidiya said...

Hi,

We have just added your latest post "NeighborWorks News: Face-Lift for Foreclosure Prevention" to our Directory of Foreclosure . You can check the inclusion of the post here . We are delighted to invite you to submit all your future posts to the directory and get a huge base of visitors to your website.


Warm Regards

Foreclosu-re.info Team

http://www.foreclosu-re.info

Richard said...

Face Lift for Foreclosures Prevention is a good program. Lenders and borrowers should read your blog, because this is a good news for them. Thanks President Obama for doing this program!