Homeowner Bill of Rights & New Programs to Help Homeowners in Distress May Be On Their Way

In the President's State of the Union proposal Obama announced he will be sending Congress a "Homeowners Bill of Rights" to make the mortgage and refinancing process simpler.

The Secretary of The Department of Housing and Urban Development, Shaun Donovan spoke in a Press Briefing to explain the details of the "We Can't Wait Efforts" that Fannie Mae, Freddie Mac and HUD are putting into place to Help Homeowners.

Some of the topics addressed in the briefing were:

1. "Smart Cost Effective Plan" that will help "Responsible" homeowners refinance their current mortgages that will result in a decrease in monthly mortgage payments of up to $3,000 a year
2. "Homeowner Bill of Rights" that will alleviate the red tape, run around from the banks and a simplified transparent plan that will make the refinancing process a lot simpler
3. The steps that Fannie Mae, Freddie Mac and HUD are taking to stabilize the hardest hit areas to stabilize the market by turning REO [bank owed properties] into rentals
4. What the Feds are doing to ensure that Second Lien Holders and Mortgage Companies do not sabotage the recovery process
5. Task Force that includes Federal Enforcement Agencies, State Attorney Generals, Local Agencies, and Private Investors that are working together to coordinate solutions for homeowners and communities that have been harmed, and to turn the page to lift the cloud of uncertainty and move forward to recovery
6. There will be a fees and penalties charged to banks to repair the damages made as restitution to homeowners that were harmed
7. A unified streamline one page mortgage application that will simplify the mortgage application process

Remember, this new program they are discussing is specifically for homeowners that are current on their mortgage payments. The vast majority of homeowners in distress are NOT current on their mortgage. Although this program may not be the right solution for all, there are other programs available that may offer positive results.

Do you anyone that owes more on their mortgage than it is currently worth and does not know what to do? Please feel free to contact us for a FREE NO OBLIGATION CONSULTATION. There are solutions and we are here to HELP.