Is there a government mandated home mortgage foreclosure ban on the way? Word is that the Whitehouse is considering banning all foreclosure proceedings that haven't been reviewed by HAMP (Home Affordable Modification Program). The move would force mortgage lenders to hold off foreclosure until HAMP reviewed the loan and evaluated the borrower and found them ineligible. The plan would stop existing foreclosures that are in a repayment plan. Approximately 89 percent of all residential mortgages are presently covered under the HAMP program. While this is a national initiative it would certainly be of great benefit to New Orleans home mortgagors’ that presentably find themselves in a difficult situation.
Source: Bloomberg
There are a large number of people facing foreclosure as they aren't getting any help from the lenders. I personally feel that, banning foreclosure proceedings for loans which have not been reviewed by HAMP, is a good move. This will urge the lenders to take initiative and consider the borrowers for the government help. This will in turn lower the foreclosure rate. This may give stability to real estate market which has just started coming out of the crisis.
ReplyDeleteThere are so many foreclosures happening. Might be a good idea to put a ban on them. Austin Apartment Locators
ReplyDeleteI feel as though lenders should help out more. There are too many foreclosures happening right now. Or maybe the goverment should step in more! Austin Apartments
ReplyDeleteI also think the lenders need to do more. The government keeps talking about saving homes but you never see any of the big banks stepping up to the plate. At what point are they going to force their hands and make them try to work out some of the issues they have with homeowners who took out mortgages with them.
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