President Obama and his team want to use a fair amount of the stimulus plan
to bailout homeowners and assist the foreclosure crisis going on right now.
They expect to set aside between $50 and $100 billion for the cause.
Tuesday is the day planned for the revelation of the remaining $350 billion
of the package. Treasury Secretary Timothy Geithner will be the one to
announce the plans, however, it remains unknown whether or not he will
present a detailed plan for taking care of the foreclosure issue.
Some of the intents of the financial team include reducing mortgage paying
and restructuring bankruptcy laws.
Unemployment has proved to be one of the major reasons behind foreclosures.
And with that, many are hoping that Obama’s stimulus plan works so that they
can get jobs and get their lives back on track.
It is likely the stimulus package will include, to create a surge in the
buying of homes, a $15,000 tax credit to new homebuyers.
In addition, the Hope for Homeowners program is also going to be facing a
redesign to make its setup more appealing and affordable.
The Bush administration also had to deal with foreclosure issues, but
failed. With a new foreclosure starting every 13 seconds, (Center for
Responsible Lending) the questions now is, can the Obama administration fix
the ongoing issue.
During the compain there was talk about providing a one time $10,000 penalty free withdrawal from an IRA. This would really help those of us that would not otherwise be able to keep up with our mortgage payments. Is this somthing that is still on the table. I currently cannot tap my IRA due to penalties.
I voted for and stand by you as our president elect, Congradulations MR president. Thank you for your time.
Why would congress give then selfs a $93,000 raise when the rest of us strugle to get our realestate taxes and other bills paid.
I hope that we can reward the responsible homeowners who have continued to pay their mortgage payments (the awful pic-and pay interest only loans)even though the value of their homes are less than their loan. I think it would be a win-win situation if the loan amount is rolled back to 80% of the value of the home. This way the lender losses a little and God knows the homeowner has already paid more interest to these lenders with these pic-and-pay plans. They are the worse of all the loans out there. The mortgage amount continues to grow and the value of the home continues to decline. If they roll it back to the 80% value of the home, the lender will still have the majority of their loan continued to be paid and it gives the homeowner back the ownership of the property that he has been paying on all along. I know the lenders don’t want to do this because they are hoping that they will have their cake and eat it to with Americans buying up their bad loans. They aren’t worried about the homeowners and what they have done to them. So the homeowner loses twice. As a tax payer, he buys back the very loan that he has to continue to pay on. Make sense!!!
The bailout plan sounds encouraging but what happens when you are unemployed by no fault of your own and you can not pay your mortgage? My mortgage company is AMERICA’S SERVICING COMPANY owned by WELLS FARGO. I called them about the loan modifcation plan and I was told that I would have to send them two payments which is $1,000.00 and then they would adjust my interest from 10.68%.I am upset because the company that I work for started downsizing last year and I got behind on my mortgage payments. I ended up sending them $1,890.00 in December 2008 so the would not forclose on my home.Now they are telling me that I have to send another lump sum. I am a sinle parent and i do not want to lose my home. WHAT DO I DO NOW??? CAN SOMEONE HELP ME UNDERSTAND WHY MORTGAGE COMPANIES END UP SCREWING HOMEOWNERS?HOW CAN THE BAILOUT PLAN HELP ME AND OTHERS LIKE ME IN THIS SITUATION??????
does anyone know how to get on the home affordability.gov website that was provided by the goverment? it ‘s suppose to detail the obama’s foreclosure bailout plan.