inflation: Loan Modification Program
- 12/30/09 03:06 AM
The Obama administration has put $75 billion towards helping homeowners avoid foreclosures through its loan modification program. Unfortunately, it doesn't seem to be working as well as it may have sounded on paper. The program tries to encourage lenders to modify existing mortgages by paying them $1000 for each modified loan and a further $1000/year for another 3 years if the borrower avoids foreclosure during that time. This program was based on the assumption that homeowners would prefer to stay in their homes as long as they can make the monthly payments. It seems to me (and this position has been (1 comments)
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Diane Aronovic
Real Estate is an investment,choose a professional