February 19, 2009

Barack Obama and a 75 Billion Dollar Foreclosure plan

President Barack Obama threw a $75 billion lifeline to millions of Americans on the brink of foreclosure Wednesday, declaring an urgent need for major action not only to save their homes but to keep the housing crisis “from wreaking even greater havoc” on the wider national economy. Support from the government is being doubled for homeowners involved with Fannie Mae and Freddie Mac as well. This effort is aimed at the overall economy as well as the foreclosure crisis and is critical to recovery. Obama has signed a 787 billion dollar recovery bill in Denver to stimulate the economy and plans on carefully overlooking automaker bailout plans. The administration is lessening refinancing restrictions for many borrowers and providing incentives for lenders in hopes that the two sides will work together to modify loans.  Investors in mortgage linked securities make the situation more complex because their approval is often needed to prevent foreclosures. They make money off of the interest in mortgage loans. The plan is not aimed at saving all homes, but will certainly help the dreary foreclosure situation for many homeowners.

February 13, 2009

Several major banks are expanding their efforts to halt home foreclosures

Filed under: Uncategorized — americanforeclosures @ 11:25 pm

Several major banks are expanding their efforts to halt home foreclosures while the Obama administration develops its plan to help struggling homeowners. Barack Obama plans on spending 50 billion dollars to help the foreclosure crisis. The white house press secretary Robert Gibbs said that the plan won’t stop foreclosures, but will help the situation.
Treasury Secretary Timothy Geithner announced a revised effort to stabilize the financial system on Monday. It contained outlines of a foreclosure-relief effort, but few details.
Lenders efforts to aid borrowers haven’t kept up with the foreclosure crisis in the United States. JPMorgan Chase & Co, Morgan Stanley, and Bank of America Corp all said that they will stop foreclosures through March 6th of 2009. Citigroup said that it’s stoppage of foreclosures will extend until the new Obama administration has completed the details of the loan modification program or March 12, whichever comes earlier. New York-based Citi’s action expands on a similar effort that it started in November of 2008. These rules will apply to owner occupied homes, not foreclosures owned by investors.
Testifying before House lawmakers this week, Geithner said the government would provide incentives to “try to induce economically sensible restructuring of mortgages,” but offered no specifics. A Treasury spokeswoman declined further comment Friday.

February 1, 2009

Home improvement Workers Finding Ways to Make Money With Foreclosures in The Economic Recession

A typical day for Joe Haller involves cleaning up foreclosed homes.

“This was not all the garbage. There was another huge truck load we took out of here probably 30 to 40 bags of garbage,” says Haller.

A lot of people who fix home are experiencing less work due to the struggling economy, but some are finding more due the the foreclosures that are taking place. Most of them are getting work from lenders who need the homes fixed up to sell after the pre-foreclosure process.

A job he says can get pretty dirty.

“It just seems like people kind of up and leave everything,” he says.

And some people just completely trash it. A house he cleaned up a few months ago had motor oil in the pool, egg yolks in the air vents and trash everywhere.

Locksmiths are also getting work with the foreclosure boom. Mostly working for the the banks/lenders

“Nobody has the keys so I have to come out open the house and key it to Freddie Mac or Fannie Mae’s key or whoever owns the home,” said David Bunch.

Handy people who get the right deals with lenders and banks are very fortunate to have the increased amount of business that the current economic situation presents and the increased amount of foreclosed properties that are occurring as a result.

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