New listings require foreclosure help from the government
It has been a known fact that a large number of American homes are getting foreclosed, leaving families without a home. The most recent nationwide listing shows the various forms of government assistance which homeowners can avail of.
With the number of homes being foreclosed and the foreclosure crisis still enduring,
it is only right that the federal government look for ways to help these distressed homeowners.
Investigation by the government on lenders’ and banks’ fraudulent behavior
The Attorney General of Texas accepted that just a single county in their state has more than 10,000 houses a month which get foreclosed. A decision was then made to investigate the foreclosure reports that were processed without being verified, and results showed that some agents authorized foreclosures to get processed without any legal procedure. Some investors were gaining from the situation and the circumstance of homeowners, even with the help of lenders and banks.
Involvement of the government by freezing sales and purchases of foreclosed properties
US President Barack Obama, together with the Congress, passed a plan to bail out homeowners and help them keep their homes. Homeowners would need the help of foreclosure lawyers for them to be able to maximize this plan. The lawyer can then work on behalf of the homeowner to make a deal with the lending institution and lessen the amount of payment, as well as the interest rate. You have to start taking action on your situation as soon as you can. Do not wait until you get a foreclosure notice.
Support from the government by executing a plan to help the homeowner save their foreclosed home
For the program to work, the Federal Government invested an amount of $75 billion to the plan. Freddie Mac and Fannie Me, the biggest mortgage holders, will not be able to sustain the plan without them suffering the damages. Moreover, banks will suffer as well, because they mainly depend on the payments made for existing mortgages. Homeowners should then be able to pay a minimum of 30 percent of their present income, for them to be eligible for the program.
Assistance from the government by allocating $75 billion for saving homes
The Attorney General of Texas and other states, called for a freeze on the purchases and selling of foreclosed homes until a time when an investigation can be done. Because of the nationwide listing, the government needed to act on the situation. This will help homeowners who are on the verge of foreclosure to save their houses, even for just a short term basis.
