red states rule
06-22-2010, 05:30 AM
I see this everyday. It is amazing how these people refuse to provide the needed documents, they lie about how much they owe other firms, and when they are declined - they blame the mortgage company
I guess they expect to keep the house even if they will not pay for it, and/or can;t pay for it
Bottom line is, more of our tax dollars have been wasted on another feel good liberal handout
WASHINGTON -- A growing number of homeowners who sought help from the Obama administration's main mortgage aid program are in danger of losing their homes.
About 436,000 borrowers have dropped out of the $75 billion plan as of last month, the Treasury Department said Monday
That's about 35 percent of the 1.24 million who enrolled since March 2009 and exceeds the number of homeowners who are getting help through the program. And nearly 155,000 of those who fell out of the program did so in the past month.
The result could be a new wave of foreclosures that could weaken the housing market and hold back the broader economic recovery.
Most of those homeowners were rejected during a trial period lasting at least three months. More than 6,300 dropped out after having their loans modified.
Another 340,000 homeowners, or 27 percent of those who started the program, have received permanent loan modifications and are making payments on time.
http://www.forbes.com/feeds/ap/2010/06/21/real-estate-materials-us-mortgage-aid_7706202.html?boxes=Homepagetopnews
I guess they expect to keep the house even if they will not pay for it, and/or can;t pay for it
Bottom line is, more of our tax dollars have been wasted on another feel good liberal handout
WASHINGTON -- A growing number of homeowners who sought help from the Obama administration's main mortgage aid program are in danger of losing their homes.
About 436,000 borrowers have dropped out of the $75 billion plan as of last month, the Treasury Department said Monday
That's about 35 percent of the 1.24 million who enrolled since March 2009 and exceeds the number of homeowners who are getting help through the program. And nearly 155,000 of those who fell out of the program did so in the past month.
The result could be a new wave of foreclosures that could weaken the housing market and hold back the broader economic recovery.
Most of those homeowners were rejected during a trial period lasting at least three months. More than 6,300 dropped out after having their loans modified.
Another 340,000 homeowners, or 27 percent of those who started the program, have received permanent loan modifications and are making payments on time.
http://www.forbes.com/feeds/ap/2010/06/21/real-estate-materials-us-mortgage-aid_7706202.html?boxes=Homepagetopnews