Obama’s making homes affordable program is officially a failure. When the Government launched the program in 2009 they said they were committed to helping 4 million homeowners, now they say that only 700,000 homeowners will be helped nationwide.
So far, the program has reached out to just around 485,000 homeowners nationwide with permanent modifications, with most of those homeowners still being left with unpaid principles that were higher than before they received the modification.
Temporary modifications have been issued to 1.4 million people with nearly half of the homeowners failing the trial modification and falling back into foreclosure and pushing their chances of short selling their property to the max, almost to the point where it is too late!
So who is really benefiting? Well the servicers of the loan (your bank) are getting incentives from the government to prolong loan modifications to the point where the loan is almost in default or foreclosed upon. The banks are making money while homeowners are stressing out not knowing what is going on, and then eventually getting the declined letter.
Obama stated “70% of homeowners that receive a permanent modification have failed to make the payments and eventually fall back into foreclosure”
As a professional real estate agent and doing my due diligence in communicating and getting feedback from the public in regards to what other “realTORS” say, its no wonder most homeowners are confused. Numbers dont lie, and from what it looks like, most homeowners going for a loan modification will not get it, sorry… It’s Funny to be able to talk to a homeowner going through a loan modification and tell them their story with the modification and the games the banks are playing with them, without the homeowner even telling me… Ladies and Gents, i hear the same thing multiple times a day and already have a good understanding of what the bank will do. It’s hard to gain the confidence of the public in real estate agents because you think were out there just for our selves, well my friends, we do get paid, but its not until we help you get out of a bad situation. The people still in the Industry are the good ones, all the people competing fraud are long gone serving burgers or in jail…. Trust us!
For a no cost, confidential consultation in regards to your Real Estate Situation, Call Cory today!
