I have to be honest, I'm not a fan of Loan Modifications and I'm hoping that if this program is a true refinance program and not a Loan Modification, that it actually works. I realize the information for this program is rolling out and not available until November 15th, but I still have my concerns...the success rate for loan mods right now is somewhere in the 3-5% range.
At any rate, Shaun Donovan, HUD Secretary, has a 4 minute YouTube video that has some pretty decent information and I thought I'd share it with you all...but I am curious, what are the opinions of the Realtors out there? What thoughts do you have about the programs, and please, don't make this policitcal...I'm just asking for thoughts on steps that should be taken for our clients and the rest of the homeowners out there that are overwhelmed with good and bad information.
Here's the link: http://www.youtube.com/watch?v=RVNzS8exIqw&feature=youtu.be
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