USA Treasury Help For Foreclosure Victims
The Secretary of US Treasury, Henry Paulson came forward with a plan to tackle foreclosures. According to it more than 200,000 borrowers will get notices from lenders hinting at renegotiating with new terms. Any borrower who has missed one payment commitment will get a single page letter from HOPE NOW. It is a Treasury sponsored move. The letters will be sent off from 19th November containing a connecting telephone number for house owners to avail of.
Paulson had said during the first week of October that mortgage firms, counselors and trade groups were coming together under one umbrella to help hard pressed borrowers about to lose their houses. The announcement last Wednesday can be interpreted as a move on the part of the authorities showing their commitment to the matter.
The real estate market continues to fall dragging down with it the housing and mortgage sectors. Over the next year and a half innumerable sub-prime borrowers will get notices for increase in interest rates. Paulson is worried after a discussion with members of the loan sector. Merrill Lynch, one of the big names in this category, apprehends that a quarter of all sub-prime loans will fall into default and wipe out $4,146 billion worth of property value during the next few years.
Despite a lot of noise from the government and social service groups only 1% of the wobbly sub-prime loans were altered from January to September this year. Consumer groups are far from happy with this token move and expect far more dynamism and proactive approach towards helping foreclosure victims.
It is to the interest of all to co-operate and try to get out of this foreclosure mess. The move is prudent taking into account the welfare of all concerned. The numbers of foreclosures have run into millions causing the government to sit up. Thousands of disgruntled people are suddenly out under the open sky desperately trying to hole in somewhere. This is putting a strain on government run shelters. Entire neighborhoods dotted with ‘For Sale’ signs is being taken over by overgrown gardens, stagnant pools and dangerous vagrants. Government coffers are jingling empty with nobody to pay property taxes. On the other hand with so many houses begging to be sold there are not enough buyers. Who will buy when the mortgage companies do not have funds coming in from loan repayment dues?
Government help with Foreclosures: Search US Foreclosures by top States:
- Texas Foreclosures
- Georgia Foreclosures
- Florida Foreclosures
- Michigan Foreclosures
- Colorado Foreclosures
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December 15th, 2007 at 6:43 pm
im living in a home as my land lord is going through foreclosure court what can i as a resint do in a situation like this
January 11th, 2008 at 6:20 pm
im living in a house i bought one year ago. since then ive gone thru a job change and now recentlya divorce. my income isnt enough to keep my house and my mortgage company wont work with me to help reduce my payments. im a single mother with three kids and about to loose my house with no family or no place to go. what do i do???????
June 2nd, 2008 at 6:16 pm
i have a adjustable morgage .
June 2nd, 2008 at 6:21 pm
I have a adjustable rate .
well we have tried to work somthing out with our lender but they will not work with us so we put our house up for sale we have two people look at our house and it has been six months . well we would like to keep our house but we havent paid a payment in six months and our credit is not all that good . so what else can we do to save our house. thanks jason
September 6th, 2008 at 6:48 am
I need info on how this “USA Treasury Help For Foreclosure Victims” can help me.
February 27th, 2009 at 6:27 pm
i’m almost finished paying for my home have at least 2 more years struggling now trying to pay for it in forclosure please tell me what i need to do to catch up . need help bad.