New Gov’t Program Intended At Helping Property Owners
The latest government program intended at assisting home owners has just been announced. In the news a couple days ago was a piece of information concerning this new program and unemployment. Hopefully you can learn something from this new program and the details behind it.
Beginning July 1st, home owners can begin applying for the HAUP program. HAUP stands for Home Affordable Unemployment Program. HAUP provides home owners a forbearance of monthly mortgage payments, either reducing them or suspending them for at least 3 months. If you do not know what forbearance is, it basically stops payments.
The interesting thing about this is that it is connected to unemployment. Paul Jackson wrote an appealing article about the miraculous shrinking unemployment rate. It seems that, the unemployment rate fell in May from 9.7% to 9.5% in June. It is one of those figures that makes you scratch your cranium. You have to question what happened to the 652,000 unemployed Americans that vanished. There are some interesting devices the government uses to bury unemployment records.
In the near future, I feel you will hear lots about how things are getting healthier. The media and the government will probably be telling you how things are getting better. Actually, there is a good chance that things will get poorer. You can look at the active inventory in the Phoenix vicinity or talk about penny home sales.
There can only be so much writing on the wall before you recognize that things are not as they seem. Observably there is a desire to get good information out to the public. Nevertheless, much of that information is fiction. We want things to get better, but lets be candid about what we are in front of, so that we can fix things.
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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.