Foreclosure Prevention Part II: More Qualifiers
March 6th, 2010
Part 2 of the amendments is as follows…
Underneath the American Housing Rescue and Foreclosure Prevention Act each loan measured for foreclosure prevention will have to be taken on by an FHA bank reviewed on an individual basis. So the banks in Chandler, Arizona still keep the clout as they can help or hurt you in your hunt for foreclosure prevention by reviewing your credit scores, earnings stubs, tax returns and other appropriate numbers. This is in truth no different than applying for a new mortgage! You will be required to meet much of the similar criteria to become certified for the foreclosure prevention act.
Does that make sense? Despite the fact that we are not mortgage banks, it would look that foreclosure prevention is not in your future if you do not have a next to flawless credit score. Isn’t this really only a mean joke, rather than an achievement of congress to aid thousands of Americans? It stands to reason that just one percent of the citizens seeking foreclosure prevention can meet the requirements for this program.
One more interesting note from this agenda…
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 gov’t determined will be a hearty one and a half percent of the yearly principal. Users of this foreclosure prevention act have got to also agree that if they sell their home for a gain in the future, they will divide up that profit with the FHA. In order to facilitate this, home owners will pay a three percent “exit fee” of the mortgage when they sell or refinance their house if they chose to use the foreclosure prevention act.
How constructive are these amendments to the people in Chandler, AZ looking for foreclosure prevention help? From the outside looking in, it would look that the foreclosure prevention act is meant at helping the FHA be more stable in the future, rather than helping the home owners that are searching for foreclosure prevention and attempting to save their families homes.
To sum it all up, with the deep recession that this state is in for now and bearing in mind the glaring negligence of our Government with their ridiculous programs like the American Housing Rescue and Foreclosure Prevention Act, they have failed the American public. There is actually no offer of real foreclosure prevention support to the people who need it most. There is very little probability that this foreclosure prevention program will ever get to the public that can actually profit from using it.
Perhaps, with the new administration, the American public can locate a foreclosure prevention program that will truly work FOR them. Nevertheless, between now and the advent of any gov’t agenda that can truly help us, you are very much standing alone in your hunt for a foreclosure prevention scheme that will actually work for you.
Do you want to go to the next step? Free Short Sale Consultation by Short Sale Specialists.
Fred Weaver and Kevin Kauffman, Group 46:10, do daily blog – find it here: Short Sale Arizona
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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.