Obama's Plan To Help Troubled Homeowners. . . Get in Line. . .

By
Real Estate Broker/Owner with Maxus Realty Group - Broker 301-246-0001 Broker - Realtor - CEO
After many ineffective programs to help troubled borrowers and after fruitless attempts at budging lenders to bring a solution to this problem. President Obama is proposing a brand new refinance program for borrowers who are current on their mortgages, regardless of who owns their loan. . . 

..one more small detail. .

This one has to go through Congress. . . .yikes!

"I'm sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates. No more red tape. No more runaround from the banks," the President announced in his State of the Union address. 

Mr President, 
Two problems. .

One:  Troubled Homeowners are not NORMALLY CURRENT on their mortgages
TWO: Sending to Congress a plan that could have a hint of assistance for your re-election. . is like playing tennis with my wife. .I send the ball and it never comes back!

 
The reason that have kept many borrowers out of refinancing to the historically low rates now is . . . 
Their homes are underwater!
Their homes can't appraise to the loan value!

So we wait. .for the most reasonable plan to fix the housing crisis
Introducing the 
7 STEP SOLUTION:
:
  1. You are in trouble, 
  2. You call your lender
  3. Full Appraisal is performed. .Not a $24 BPO
  4. Determine the percentage of depreciation from original loan value to actual house value. .
  5. Let's say is 25%. . 
  6. Bank reduces the principal by 25% and refinances loan at today's low rates
  7. Homeowner keeps home and when they sell the home years from now. . . ..Lender takes 25% of any profits


Problem Solved!

I can also solve it by doing a short sale. . www.Short-Sales-Expert.com

If you can't wait. . 
close

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Rainmaker
1,515,897
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Obama is in campaign mode. I am thinking the "rescue" programs are not necessarily the issue anymore. We need to get beyond "rescue" and more toward moving onward and dealing with the fallout.

Jan 27, 2012 12:34 AM #1
Rainer
372,091
Edward Gilmartin
CRE - Boston, MA

Maybe this program should have been proposed before the President pushed through a flawed health care bill that will not even go into effect until 2014.

Jan 27, 2012 12:43 AM #2
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Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Is almost like that Italian Ship. . .we are being steered by two parties fighting control of the rudder

Jan 27, 2012 12:56 AM #3
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337,120
Melissa McKinney
McKinney Realty Group - Fayetteville, NC
Realtor, www.LivingFayetteville.com

Fernando Herboso for President!! Where do I vote?? Love your plan will they.... Just a lot more "talk" from the White House are they EVER going to come up with a solution that works?? UGH! 

Jan 27, 2012 01:01 AM #4
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Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

I like to be called "El Presidente" please Melissa. . 

Thank you for making my day. . 

Jan 27, 2012 01:08 AM #5
Rainmaker
229,831
Nathan Tutas
Tutas Towne Realty, Inc. - Davenport, FL
Your Central Florida Real Estate Expert

I love both of your solutions. It is scary that something so simple to understand eludes the president of the United States. If the house can't appraise how are they supposed to refinance? Hello? McFly?...

Jan 27, 2012 07:52 AM #6
Rainer
162,464
Louise Thaxton NMLS 69996
Fairway Independent Mortgage Corp Louisiana NMLS#2289 Equal Housing Lender - Leesville, LA
Military Mtg Specialist - 866-960-9115 VA FHA USDA

El Presidente Fernando - YOU ARE BRILLIANT!  I absolutely love it - but then again it is a "common sense" solution - and it seems that "common sense" is just not so common anymore!

Thanks for a GREAT plan - now if we can just get you nominated for at least VICE Presidente?

Jan 27, 2012 02:23 PM #7
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Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Nathan, simple things are just that  . simple . .and in this case effective

Louise, I would nominate you ambassador of Sweden.. 

Jan 28, 2012 12:01 AM #8
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301-246-0001 Serving Maryland, DC and Northern VA
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