Foreclosure Prevention Part II: Added Qualifiers
March 6th, 2010
Part two of the amendments is as follows…
Under the American Housing Rescue and Foreclosure Prevention Act each loan measured for foreclosure prevention will have to be taken on by an FHA lender reviewed on an individual basis. So the lenders in Chandler, Arizona still keep the power as they can assist or harm you in your hunt for foreclosure prevention by reviewing your credit scores, wage stubs, tax returns and other relevant numbers. This is in reality no different than applying for a new mortgage! You will be required to meet much of the same criteria to become certified for the foreclosure prevention act.
Does that make sense? Even as we are not mortgage banks, it would seem that foreclosure prevention is not in your outlook if you do not have a next to flawless credit score. Isn’t this in fact simply a nasty joke, rather than an undertaking of congress to aid thousands of Americans? It stands to reason that just one percent of the people in quest of foreclosure prevention can meet the criteria for this program.
An extra fascinating note from this plan…
American Housing Rescue and Foreclosure Prevention Act GSE Reform (H.R. 1427) borrowers are responsible for paying a lifetime insurance premium to the FHA, which your government determined will be a robust one and a half percent of the annual principal. Users of this foreclosure prevention act have to also be in agreement that if they sell their house for a gain in the future, they will share that profit with the FHA. In order to facilitate this, house owners will pay a three percent “exit fee” of the mortgage when they sell or refinance their home if they chose to use the foreclosure prevention act.
How useful are these amendments to the public in Chandler, AZ looking for foreclosure prevention help? From the outside looking in, it would seem that the foreclosure prevention act is designed at helping the FHA be more secure in the future, rather than serving the house owners that are looking for foreclosure prevention and trying to save their families properties.
To sum it all up, with the deep recession that this nation is in at present and considering the obvious negligence of our Gov’t with their silly programs like the American Housing Rescue and Foreclosure Prevention Act, they have failed the American community. There is really no offer of real foreclosure prevention aid to the people who need it most. There is very little probability that this foreclosure prevention program will ever get to the citizens that can actually profit from utilizing it.
Perhaps, with the new administration, the American public can stumble on a foreclosure prevention program that will truly work FOR them. Then again, between now and the arrival of any government plan that can truly help us, you are very much standing alone in your search for a foreclosure prevention system that will truly work for you.
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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.