Bailed out banks will have to do loan modifications!!!

By
Real Estate Broker/Owner with Action Investments and Hawaii Pacific Realty BRE Lic# 01481898

Great news has come from the treasury dept..."Treasury Secretary Timothy Geithner on Saturday told lawmakers that financial institutions that receive government assistance will have to make loan modifications and meet other new standards, according to Democratic sources."

This is great news for homeowner who might be facing foreclosure.  I am very busy working with homeowners who need loan modifications and this is becoming a large part of my business.  I applaud the Treasury Dept if they take a strong stance on forcing these abusive loans to be redone with more fair and reasonable terms to the borrower.

Posted by

Jason Hector, Real Estate Broker, CA Dept of Real Estate Lic. #01481898
(818) 357-9658 Cell
(866) 791-3290 Fax
jhector@socal.rr.com
www.jasonhector.com
Broker--Action Investments
11630 Seminole Circle
Northridge, CA 91326
(800)-626-6469 Phone
(866)-791-3290 Fax

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Rainer
11,259
Troy Batson
The Lowes Group - Bend, OR
Bend Oregon Real Estate

Jason, I hope this is true, but I also have heard that the administration would not mandate lending institutions in their practices.  What can we believe?

Feb 08, 2009 01:22 PM #1
Rainer
5,051
Testing Test
loan - Tustin, CA

Great post, thanks for the article.  I love it that they will force the banks to abide by some rules to help someone other than themselves.  If they dont like it they shouldnt have accepted the welfare.

Feb 08, 2009 02:44 PM #2
Rainmaker
98,334
Eileen Begley
Coldwell Banker, DelMonte - Carmel, CA
Monterey Real Estate

Hi Jason; That is awesome news! Sure hope they comply.  I am planning on working on loan mods also but still have to submit for the CA DRE approval!

Feb 08, 2009 03:47 PM #3
Rainer
20,742
Jason Ian Hector
Action Investments and Hawaii Pacific Realty - Porter Ranch, CA
Real Estate Broker in California and Hawaii

Another thing to add is that the HOPE for homeowner program from the FHA has only had 25 loan modifications thus far.  What a travesty.  I think that the gov't must mandate participation from bailed out lender in this program.  Why create it if the FHA is going to decline everybody for loan modifications?

Feb 10, 2009 04:11 PM #4
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Rainer
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Jason Ian Hector

Real Estate Broker in California and Hawaii
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