Foreclosure Prevention Part I: Congress Tries to Help
March 6th, 2010
A current bill making its way throughout the halls of Senate, the American Housing Rescue And Foreclosure Prevention Act was approved a few years ago by the Senate and House of this nation and signed into law by President George Bush. Many of the people in Chandler, Arizona who are looking for information on foreclosure prevention have been asking for an clarification of this act of congress in terminology that they can understand. people, quite plainly, want a general idea if this foreclosure prevention is something that they can take advantage of. Here is what we have found out regarding the foreclosure prevention act.
The House of Representatives worked meticulously a number of months ago to pass what they referred to as “the most comprehensive response to the American mortgage crisis” that the country has ever witnessed. At least that is their claim. The act is called The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) and was shaped to help out with the existing catastrophe facing a lot of middle class Americans that possess houses while at the same time providing them with the desired aid with foreclosure prevention that they have been asking for.
The act includes a mixture of bills including procedures to bring up to date the FHA and reform the GSEs, which could help with critical liquidity to our real estate markets immediately while also sustaining foreclosure prevention with enhanced regulation and supervision.
The American Housing Rescue and Foreclosure Prevention Act was formed to help property owners in Chandler, Arizona who are in front of foreclosure keep their properties. It is supposed to help a increasing number of families with foreclosure prevention in the future, and encourage the country in places that have been hit hardest by foreclosures.
Still, keep this in mind, as soon as the American Housing Rescue and Foreclosure Prevention Act was signed into law, dozens of amendments were instantly made to it until it was so exclusive with its provisions that it just helped approximately one percent of the property owners that were looking for foreclosure prevention.
Some of those amendments include…
Amendment 1: FHA American Housing Rescue and Foreclosure Prevention Act (H.R. 5830). Only primary residences are entitled for foreclosure prevention. NO speculators or investment properties qualify. second or third Mortgages loan in the same home will not be refinanced and will not have any means of foreclosure prevention. So, if you have a second mortgage, which a lot of property owners do, foreclosure prevention through this act will not be available.
The raw facts show that approximately seventy five percent of existing homeowners seeking foreclosure prevention at present have a second or third mortgage. That is an enormous group of people that can not get any foreclosure prevention relief.
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Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.