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The Big Foreclosure Bailout 80 LTV Plan… Is It Working?

06.16.2009 · Posted in Home and Garden Articles

Millions of American’s stood by as President Obama laid out his plan for what he calls Americas economic come back. From where I am standing it is a roller coaster ride with multiple twist and turns. One of the many twist is the claim of solving the countries foreclosure crisis.nnMost people that I have interviewed feel alone and like there is no help in site. The question on many American’s mind is where are the so-called foreclosure bailout lenders? If that’s the question on your mind and you feel alone, the reality of the situation is thousands of families all across the country have found themselves in the exact deadly position of loosing their homes as well.nnAnother twist of irony is the President’s plan comes down to your credit rating… According to the flimsy guidelines as long as your credit hasn’t slipped and you are up to date on your mortgage payments, and you have a lot of equity built up in your property – you “MAY QUALIFY” for a foreclosure bailout 80 LTV loan.nnMany families are sitting on edge while waiting for some type of foreclosure relief under government bailout according to the FHA Hope for Homeowners Act which was introduced by Congress in October 2008 in an effort to provide stop foreclosure loans on a large scale to the American public. nnAccording to industry experts the number of homeowners that default on their home loans will skyrocket. Those same experts have also predicted that things will get worse before getting better.nnSince the experts (the mortgage companies) know what’s coming down the road they are aggressively planning ways to avoid foreclosures before it happens. Homeowners are being advised to look into loan modification with their current bank. In a nutshell a loan modification will allow the lender and the borrower to negotiate the terms of the current loan to make it more affordable, thus creating a win-win situation. nnWe as homeowners are advised to seek out bailout lenders that are going to give you a good interest rate, length of the payback terms, points and fees, and we should also take in to consideration the reputation of the mortgage company.

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