Via Toni Jones (Keller Williams Realty, Pensacola):

 

 The Obama Administration backs the homeowner aid!  The plan would allow the 8% of homeowners who are at risk of losing their home to borrow up to $50,000 to assist them with mortgage payments, providing the homeowner has a reasonable prospect of resuming mortgage payments within 24 months. 

I am for helping out and being helped out, however loaning money to those who are already unable to make payments on their home is not the answer!  That just puts them in more debt for a longer period of time. I wonder why the answer seems to always be "bailout"?  If that is the case, banks should be mandated to modify the loans, lower the principals and adjust the mortgage payment and rate.  Banks may still take a loss, would it be more of a loss than foreclosure?  The government should stop focusing on quick fixes, and ‘bailouts". 

Would love to hear the views of others.

David Feldstein at http://www.avidrealtor.com 

 

What Is Causing High Rate of Failure for Loan Modifications?
05/26/2010
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Via Bob Massey : When the Home Affordable Modification Program first cranked up lenders were allowing temporary modifications to be put in place with only stated income information. The big four-Bank of America, Chase, Wells Fargo and CitiMortgage… more
Forest Hills Homes For Sale
02/04/2010
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Is it time to buy a home? Aside from the government tax credit that is still available to homebuyers and in some cases homeowners there are many great reasons to purchase a home. If you are currently renting a home or apartment you are throwing… more
NYC Commercial Real Estate
02/02/2010
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We have been hearing allot about the residential real estate market lately but what is going on with Commercial Real Estate. Well the opinions that are flotating around range from the scary to the slightly pessimistic. One thing is for sure, there… more
NYC Commercial Real Estate
02/02/2010
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We have been hearing allot about the residential real estate market lately but what is going on with Commercial Real Estate. Well the opinions that are flotating around range from the scary to the slightly pessimistic. One thing is for sure, there… more
 
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David Feldstein

Forest Hills, NY

More about me…

Keystone Realty USA

Address: Forest Hills, NY, 11375

Office Phone: (516) 297-5344

Cell Phone: (516) 297-5344

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