New Foreclosure Prevention measures are in the works

Managing Real Estate Broker with David Northup - Aim RE Group Inc, Temecula Realtors® (AIM)

Temecula Realtors®Recent reports indicate that President Obama will announce more measures to prevent foreclosures throughout the U.S.

The new plan encourages the Federal Housing Administration to insure lenders against part of the losses they'll sustain after reducing the principal balances on borrower's notes.

Lenders will be asked to bring the note balance down below the homes current value. When there is a 1st and a 2nd the guidelines will permit no more than a 115% LTV after the note balances are reduced.

Also in the plan is a provision for the Treasury to pay a portion of an unemployed homeowner's loans for up to three months while they look for a new job.

We'll keep an eye out for this one and let you know when/if it gets implemented.

-Temecula Realtors®

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David NorthupDavid Northup - Broker, Realtor®,Owner
Aim Real Estate Group Inc.,
Temecula Real Estate

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Gail Smith
Leesburg, FL

It' hard to believe after only 56 years on this planet that I am cynical and skeptical of anything the government 'says' or "plans' it is going to do.

Mar 29, 2010 07:48 AM