Help For Home Owners
New federal mortgage relief program intended to help the millions of struggling American mortgage holders.
Stop Foreclosure
The current real estate downturn is one of the most severe in decades. Many experts suggest that depth and length of the current economic woes are due to the combination of a number of factors including
- depressed home values
- high unemployment
- tightening consumer credit
The government relief package recently announced includes strategies to combat each of these obstacles.
Aid For Underwater Home Owners
The aid package includes a program to help mortgage holders who may owe more on their mortgage than their home is worth to negotiate a new loan agreement. Normally banks are unwilling to talk to borrowers in such a position but the new government aid encourages them to do just that.
Help For The Unemployed
Many struggling home owners are not only dealing with mortgages they cannot afford but are out of work as well. To help the million of Americans who are still looking for work that new aid package includes provisions to help them. Their are programs which provide payment reductions to unemployed Americans as they seek employment.
Recent action by congress has stopped all unemployment extensions for out of work Americans, many of whom depend on unemployment insurance to make morgage payments.
Money For Lenders Who Renegotiate
The main focus of the aid package is on encouraging lenders and mortgage companies work with home owners to keep them in their homes. Financial incentives are provided to lenders that offer refinance and modification offers to struggling home owners.
