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Louis Cardillo - Mahopac NY Real Estate

More Foreclosure Relief for Unemployed and Underwater Loans in Revised 2010 Mortgage Modification Plan

With a weakening housing market and expiration of the home buyer credit, the Obama
administration and Treasury have stepped up efforts to help struggling home owners facing foreclosure,
including subsidies for the unemployed and borrowers who owe more than their home is worth.

The updated/revised plan would increase payments to lenders that modify second mortgages. Banks'
unwillingness to write down second liens has helped block efforts to prevent foreclosures, and preventedcurrent programs from helping more home owners.
The administration proposed allowing more mortgages to be refinanced into FHA guarantee programs if the borrower is current on the loan. The lender would have to cut the amount owed by at least 10 percent to less than the value of the home. The first and second mortgages combined would have to be no more than 115percent of the home's value.
More than 15 million homeowners fall into this category, according to Moody's Analytics. About 10 million of them owe at least 20 percent more than their house's current value.
The Treasury plan will also help unemployed homeowners reduce mortgage payments for three to six months while they look for work. If homeowners don't find a job in that time, or if they find a new job at a lower salary, they will be evaluated for further assistance.
Further under the new programs, existing incentives will be expanded for borrowers with FHA-guaranteed loans, and relocation assistance payments will be doubled for borrowers who have to move out of residences. Service providers will be required to consider principal write downs when modifying loans and the Treasury will offer incentives for principal reductions.
The revised plan and new programs will get additional funding from the $700 billion Troubled Asset Relief Program and money from $50 billion already set aside for housing programs. $14 billion will be allocated to the FHA guarantee programs.

Foreclosures May Lead to Lawsuits from Lenders

Lenders will file a tidal wave of lawsuits against homeowners in the next few years as a way to counter losses when home sales or foreclosure auctions don’t result in enough money to pay the mortgages in full, according to real estate and legal analysts. “It will be a dramatic problem because the borrowers will not know it’s coming,” said Frank Alexander, a law professor at Emory University in Atlanta.
The laws vary from state to state. For example, in Florida, banks have five years from the date of the sale to file for so-called deficiency judgments and up to 20 years to collect. Lenders can then garnish wages or make claims on borrowers’ assets.
As the next wave of the housing crisis plays out, those most in danger of getting slapped with lawsuits include angry homeowners who ransack properties they’re losing in foreclosure and borrowers who walk away from “underwater” mortgages. In both cases, analysts say, banks will want to discourage other people from such behavior.
Mortgage companies typically won’t sue homeowners who negotiate in good faith or those who default on their loans because of job losses or other unforeseen circumstances, said one executive at a company working with lenders on the resale of foreclosed homes. Still, borrowers shouldn’t rely on a lender’s verbal commitment, he said. “Get something in writing." Banks are often reluctant to put anything in writing, but insist upon it.

Under new government guidelines for short sales that took effect this spring, lenders aren't supposed to hold homeowners responsible for any remaining mortgage debt. But not all short sales fall under the guidelines, while some lenders choose not to implement them.

About the Town of Carmel NY 10512

About the Town of Carmel NY 10512

The Town of Carmel and it's two hamlets, Mahopac and Mahopac Falls are blessed with about 30 square miles of rolling, wooded terrain interlaced with a number of large sparkling lakes, simply blending into the most beautiful landscape which has drawn vacationers since the early 1800's.

Carmel is located in the south central part of Putnam County, about 65 miles from New York City and became the county seat when Putnam County was incorporated in 1812. Many of the village homes now located on Main Street were originally erected on the shores of Lake Gleneida and were later moved to their present sites when the lake became part of the Croton Reservoir system.

The area is conveniently connected through I684, I84 and the Taconic Sate Parkway with Lower Westchester County and New York City as well as neighboring Danbury, CT and Upstate New York.

Carmel history dates back to the Wappingers, an Algonquin Indian tribe who lost their land to Colonists during the French and Indian War. In 1777, Sybil Ludington, the 16-year old daughter of Colonel Henry Ludington made her historic 40-mile ride on horseback to warn Colonial soldiers of the advancing British troops. A statue stands in her honor on the shore of Lake Gleneida.

Recreation opportunities and sports offerings are plentiful and the active Parks & Recreation Department offers interesting programs and activities for every age group.

The Carmel Central School District includes parts of Patterson, Southeast, Carmel, Putnam Valley, East Fishkill, and Kent.

About the Town of Carmel NY 10512

About Brewster NY 10509

Brewster is a village in Putnam County, New York named after Walter and James Brewster, which were landowners there in the mid 1800's. It is a part of the Town of Southeast and it is located about 55 miles to the north of New York City. It occupies only .5 square miles of land.

Walter Brewster was a very capable and busy builder contributing well over 50 buildings to the rapidly growing local housing stock. Later on the railroad came in and helped the local farming and mining industries to expand further, creating even more good job opportunities which in turn attracted more families to move into the area.

The historic Borden Condensed Milk Company was established in 1864 within the village. The factory was at the time the largest and most efficient of its kind, with 30,000 quarts of milk condensed per day and shipped worldwide. It was located on the banks of the Croton River. Today the stream located behind the old factory is considered one of the best fishing spots found in Putnam County.

Brewster's industrial and agricultural growth however was stopped when the Croton Reservoir was built claiming much of the best farmlands and some of the mines. Today mining has stopped altogether and farming plays only a very minimal role in the local economy. Many residents work in and commute daily to White Plains, Danbury or New York City.

Recreation opportunities abound at several of the surrounding parks offering activities from soccer and baseball, to outdoor summer concerts and supervised children's summer day camp. You'll also find a couple of outstanding public and private golf courses nearby.

The Brewster Central School District consists of two elementary schools, one intermediate school, one middle school, and one high school. There are also a number of private and parochial schools as well.

VISIT - WESTCHESTER AND PUTNAM'S ULTIMATE REAL ESTATE SEARCH ENGINE WWW.CARDILLOGROUP.COM

Housing options within Brewster are varied and come in all price ranges. See also Brewster Real Estate Statistics & Trends compiled by Trulia

About Putnam Valley NY

The Town of Putnam Valley is located 65 miles north of New York City and occupies about 42 square miles within the dramatic foothills of the Taconic Mountains. The town is also known as the "Town Of Lakes". Roaring Brook Lake, Lake Peekskill and Lake Oscawana are the most popular and visible ones. The largest one is Lake Oscawana which covers about 430 acres and borders onto Fahnestock Memorial State Park with its 600 acres of protected parkland. The famous Appalachian Trail also cuts through the area.

Putnam Valley has a long and rich history and enjoys meshing it up with a contemporary spirit. Vivid reminders of its colonial and revolutionary past can be found everywhere within its monuments, the architecture and the names given to places throughout; And on the other end of the spectrum you will find stylish accommodations with ultra modern amenities reminding you that past, present and future are all interconnected.

It has much to offer to those who treasure country life and like to partake in diverse programs satisfying all interests and age groups. It boasts nicely groomed town parks with lighted fields, adult and children’s sports programs of all sorts, an active senior citizens center, camps for children, scenic hiking trails, tennis courts, basketball and handball courts, golf courses and playgrounds.

The town is served by the well developed and long established Putnam Valley Central School District.

Putnam Valley's housing is made up of small summer retreats, ultra-modern dwellings, affordable condos, spacious town houses and comfortable neighborhood homes in all price ranges. A few of the early Victorian and Colonial homesteads remain and have been lovingly restored. See also Putnam Valley Real Estate Statistics & Trends compiled by Trulia