NEWS JAN. 19 2010 WASHINGTON — The Economic department of the Housing Division at the Office Of Federal Trade Commission passed a new plan to help homeowners Modify Loan payments and mortgage rates. Property owners and commercial loan modification programs will be getting more and more popular next year who..

DEC 26 2009 - Homeowners say mortgage lenders are permitting trial loan modifications, but few offers are being approved permanently. Lenders say property owners aren't providing all the necessary documentation paperwork to get loan modification approvals. Banks and lenders don't normally require documentation of income upfront or in the first stage od the process. Lenders sometimes make a verbal agreement with a borrower for a mortgage modification, and later in stage two program verification the income statements are needed along with the homeowner's bank statements, and tax returns once the trial period starts.

We should not be helping people stay in their homes if their mortgage payments are at 43 percent of their income ,The federal loan modification bureau,bill requires banks, in such cases, to lower interest rates until monthly payments are at 38 percent of income. The government then steps in to lower payments to 31 percent of income. We will need more education and monitoring leading to the formation

NEWS DEC. 9 2009 MIAMI — The Office Of Financial Regulation started enforcing laws concerning loan modification brokers who need special licenses according to Florida statutes.Any company doing foreclosure rescue must follow these laws which protect the consumer from scams.The FOFR recommends homeowners only hire attorneys for this service..

NEWS NOV. 19 2009 WASHINGTON — President-elect Barack Obama Saturday said he will nominate New York housing official Shaun Donovan as Secretary of Housing and Urban Development , calling the job "essential" to restoring the economy.

"To end this economic crisis, we must end the mortgage crisis where it began. This all started when Americans took out mortgages they couldn't afford," Obama said in a text of his weekly radio address to be delivered Saturday morning.Noting that one in ten homeowners now faces some form of financial problem, a record high, Obama said he's already asked his forming administration to produce a plan that help more people keep their homes.He called the Housing and Urban Development job "essential" to that government-wide work, and called Donovan uniquely qualified to fixing the problem with a balance of help for needy families to stop foreclosure and the recognition that they should only buy what they can afford. Mortgage Loan Modification

"He knows that we can put the dream of owning a home within reach for more families, so long as we're making loans in the right way, and so long as those who buy a home are prepared for the responsibilities of homeownership," Obama said.An adviser to Obama's campaign, Donovan, 42, is commissioner of the New York City Department of Housing Preservation and Development , where he oversees a $7.5 billion program to provide affordable housing to 500,000 people.While there, he's overseen efforts to handle the problems caused by the mortgage crisis, most notably the rise in foreclosures on people who fell behind on their mortgages.The department, for example, helped create a center offering counseling, education and legal services to help owners or renters facing evictions stemming from foreclosure to stay in their homes. In 2005, it started offering education, credit and legal assistance to those most at risk of predatory lending.He was named to the post in 2004 by New York Mayor Michael Bloomberg .efore that, he was a HUD official in the Clinton administration and worked at Prudential Mortgage Capital Company managing its Federal Housing Administration lending and affordable housing investments.
"We were in danger of losing our house in April we found the attorney here and our Beneficial Mortgage was in foreclosure. Thanks for getting us a loan modification approval to save our home." Maria Gomez,Atlanta GA

 

Forums can help homeowners find information from others in the same foreclosure situation and share experiences on these matters.

Both urban and rural areas are affected by the crisis happening today. even ranchers and farmers are in trouble just as inner city areas

By Steven Thomma, McClatchy Newspapers

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