Lenders Fail to Modify Homeowner Loans

Politics and corporate greed continue to eat away at the hearts and wallets of American homeowners and the American dream.



According to Bankrate.com just 2000 homeowners have received loan modifications beyond the typical 3 month trial period nationally in the 7 months since the administration issued it's guidelines to lenders in order to help homeowners avoid or avert foreclosure. That equates to approximately 4 successful modifications per month per state. Lenders will typically stall short sale efforts simply because they can't see beyond dollars and cents. If the Bankrate.com information is correct they have danced around and away from folks asking for modification assistance and the Fed isn't concerned.



The Obama administration's claims of 500,000 homeowners being helped may be little more than political grandstanding again at the expense of homeowners who have been brought to their knees financially leaving many without any other recourse but to eventually walk away and try starting over somehow.



If you need help or have question regarding todays real estate and mortgage markets in SE Florida please call me directly 561-306-6736 or email your questions to rebuygeorge@yahoo.com Find more information about the SE Florida Real Estate market at GES-Realty.com

Protections For Renters Living In Foreclosed Homes

A bill passed by both houses and signed by the President on May 20, 2009 titled "Helping Families Save Their Homes" establishes among other provisions, some level of comfort for renters unwittingly caught in the foreclosure crisis. Many renting families have become victims of the foreclosure crisis by not knowing that the home is being foreclosed. Without warning they may be told that the home now belongs to the bank and that they have 48 hours to vacate. A provision of this bill finally addresses the problem and provides some security for renters of foreclosed homes. Helping Families Save Their Homes establishes protections for renters living in foreclosed homes.

According to Senator Dodd of Connecticut and a U.S. Senate publication: "One of the overlooked problems in the foreclosure crisis has been the eviction of renters in good standing from homes that go through foreclosure because owners of those homes, unbeknown to the renters, have not been paying their mortgage. The bill will require the bank that forecloses to honor the existing leases, for renters on a month-to-month basis, provide a 90 day notice. If the bank sells the property to an intended owner occupant, 90 day notice is required. Parallel protection are provided for Section 8 tenants.

Senator Chris Dodd is Chairman of the Senate Banking, Housing and Urban Affairs Committee.

Other provisions of the bill reportedly are designed to help prevent foreclosures and increase the availability of consumer and business credit. Some of these are listed as:

- Expand Access to Hope For Homeowners

- Increase funding for Foreclosure Prevention

- Provide New Resources for Homeless Americans

- Increase borrowing authority for FDIC and NCUA (National Credit Union Association).

For more information on this new legislation or answers to questions about buying selling or renting in Southeast Florida please call me directly at 561-306-6736 or email rebuygeorge@yahoo.com.

Free MLS searches and up to date information on how to buy or sell, including short sales and foreclosure are available at ges-realty.com