Ben Maddy

UNEMPLOYMENT DRIVES FORECLOSURES IN WASHINGTON

Has job loss forced you into an unavoidable foreclosure? If so, you are among an exploding number of unemployed Washingtonians now unable to make payments on high-interest-rate loans, many now jumping from adjustable to high-fixed rates. A growing number of Washington homeowners with once solid credit now find themselves falling behind on their mortgages as unemployment fuels Washington foreclosures. Though the number of foreclosures continues to climb, help for unemployed homeowners is still available with Obama's loan modification program.

Previously caused by bad loans and poor payment management, foreclosures are now driven by unemployment or the loss of income. With foreclosures and job losses skyrocketing, there seems to be no recovery in sight for the housing crisis. Even as house prices continue to fall, making homes far more affordable, getting a mortgage is becoming more and more difficult with lenders requiring much larger down payments and higher incomes to qualify.

Once considered reliable borrowers, many homeowners who have recently lost their job are now the driving force behind the escalating foreclosure crisis, likely to extend into next year. Spurred by unemployment and loss of income, a record number of homeowners fell into delinquency or foreclosure during the first quarter of 2009. Now, a wave of loan modification requests is overwhelming lenders and nonprofit organizations trying to handle the growing wave of disheartened borrowers. [WA Post, 5/29/2009]

Thanks to new government regulations, incentives and the Obama administration's anti-foreclosure plan, unemployed borrowers have a number of options in their arsenal. The Obama administration adjusted its housing rescue plan in order to increase incentives for mortgage lenders to cut payments for homeowners in the hardest hit markets. Qualified borrowers can now take advantage of new government assistance, including the $50 billion allocated by the U.S. Treasury Dept. to assist American borrowers in acquiring an affordable loan. The U.S. Treasury will use as much as $10 billion out of the $50 billion pledged to reduce mortgage foreclosures in order to address lender concerns that home prices will continue to fall. [Reuters, 5/14/09]

Under the HAMP program, a homeowner's mortgage payment cannot exceed 31% of their gross income, and since most home loans exceed 31%, the majority of borrowers are eligible for assistance. With the help of these new regulations Washington homeowners have a greater chance to avoid foreclosure than was ever possible before.

Washington homeowners can now qualify for the Obama Plan to immediately discover the savings and payments available under the various programs now helping homeowners save their home. Troubled borrowers now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you secure a home loan modification.

OBAMA PLAN AVOIDS FORECLOSURES IN WASHINGTON

With a loan modification under the Obama Plan regulations, Washington homeowners have a greater chance to avoid foreclosure than was ever possible. As most have seen in the news, a great number of changes have occurred in recent months which have impacted American homeowners. The "Homeowner Affordability and Stability Plan" is part of President Obama's strategy to help the American economy and housing markets get back on track.

The Obama plan will save up to 9 million families from foreclosure with a loan modification or by refinancing their mortgages in order to avoid foreclosure, indirectly helping all Washington homeowners. Responsible homeowners on the verge of defaulting are now able to find help in the escalating housing crisis. As defaults and foreclosures contribute to falling home values, falling local businesses, and lost jobs, this plan may help prevent neighborhoods and communities from falling over the edge. [White House, 2/18/2009; U.S. Treasury, 2/18/2009]

Obama stated back in January, 2009:

"My commitment is that we are going to fundamentally change some of the practices in using this next phase of the program. We're going to focus on housing foreclosures, we're going to focus on small businesses, we're going to focus on what's required to make sure that credit is flowing to consumers and businesses." [Reuters, 1/12/09]

In March President Barack Obama passed new legislation to help American homeowners, including a now-expanded $75 Billion program to help borrowers avoid foreclosure, preventing up to 9 million U.S. homeowners from losing their homes, as well as stabilize the falling housing market at the root of the current widening recession. Several large lenders, including Bank of America and Wells Fargo, praised the program which may provide homeowners with interest rates temporarily cut to as low as 2 percent. Initially, the Obama administration focused upon owner-occupied properties like Fannie Mae and Freddie Mac, however, loans for second homes and investment properties may also be refinanced. [WA Post, 5/5/2009]

Some of this Federal government bail out money is for you!!

Obama's housing plan helping borrowers avoid foreclosure was aimed to help struggling homeowners like you. Now, under the HAMP program, a homeowner's mortgage payment cannot exceed 31% of their gross income. Since most borrowers' home loans exceed 31%, the majority of homeowners are eligible for assistance. ALL Washington homeowners should immedialy begin exploring their options and confirming whether or not they qualify for the Obama Plan savings.

RELATED BLOGS:
Free Washington Loan Modification Evaluation
Loan Modification Scams in Washington

HELP FOR SENIORS FACING FORECLOSURE IN WASHINGTON

Seniors in fear of losing their homes due to foreclosures often become easy targets for unscrupulous companies selling "predatory loans." Trusting homeowners who have retired or are now living on social security are a rising group of Washington borrowers now trying to avoid foreclosure. In such difficult times, loan modification has helped many seniors facing foreclosure in Washington save their homes. [Consumer Affairs]

Recording over 2,000 foreclosure filings in January, Washington homeowners are entering foreclosure at a higher rate than the national average. Loan modification, fast becoming the only help for WA seniors facing foreclosure, is also the fastest growing business in America. In such a frenzy of booming loan modification companies, it is even more difficult for seniors facing foreclosure to find a trustworthy and affordable servicer. [Seattle Times, 2/26/2008]

Once used for homeowners to get some extra cash in retirement, reverse mortgages are now helping older homeowners avoid losing their home. Seniors who are struggling to afford the payments on high-interest-rate loans while trying to keep their homes, are finding hope in loan modification. Amidst the growing demand for loan modification specialists, avoiding a "predatory loan" or falling into an even worse situation is essential to achieving your financial goals. [WSJ, 12/26/2007]

A growing number of seniors, elderly and retirees have signed their loans under false pretenses, misunderstanding, and often misguidance. A loan modification continues to be the best way to help seniors avoid foreclosure, however many have already been taken for a ride by fraudulent and expensive servicers.

As many seniors and elderly find it difficult to get around, www.ratemodify.com is proud to be able to provide free information online, and explain the numerous options available to them. All Washington homeowners should immediately confirm whether or not they qualify for savings under the Obama Loan Modification Plan.

RELATED BLOGS:
Free Washington Loan Modification Evaluation
Loan Modification Scams in Washington

OBAMA PLAN SAVES WASHINGTON HOMEOWNERS

The Obama Adminstration's Loan Modification Plan has opened a new door of help for Washington homeowners now facing foreclosure, or those about to lose their home. Under new regulations, home loans issued before or on Jan. 1, 2009 will now quality for a loan modification program which expires in 2012. Lenders able to modify troubled loans are now eligible for incentive payments and bonuses for helping homeowners before they become delinquent. For the borrower, the government will subsidize the cost of lowering their interest rate in order to assure the payments are less than 31 percent of their gross income.

"We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes," stated President Obama when he signed the American Recovery and Reinvestment Act into law. Obama then unveiled his "Homeowner Affordability and Stability Plan," which will help American homeowners while bringing some order to the housing market. [White House, 2/18/2009]

The government will now subsidize the cost of lowering a borrower's interest rate in order to assure their payments are no more than 31% of their gross income. Most Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification under the Obama administration's "Making Home Affordable" plan. Thanks to the HAMP program, a homeowner's mortgage payment cannot exceed 31% of their gross income, and because most home loans exceed 31%, the majority of borrowers are eligible for assistance.

In the past, eligible borrowers keeping up with current payments were still unable to refinance to a lower interest rate due to their homes value having decreased. According to the White House, Under the Obama Administration's Homeowner Affordability and Stability Plan, those eligible borrowers who stay current on their mortgages will be able to now refinance into a 30 or 15 year, fixed rate loan.

Washington homeowners can save hundreds a month by getting a home loan modification or mortgage refinance under President Obama's "Making Home Affordable" plan. Every homeowner now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modify.

LOAN MODIFICATION SCAMS IN WASHINGTON

Numerous Washington state residents have fallen victim to the mounting housing market crisis, with the majority of these homeowners undergoing hardships, including medical bills, divorce, loss of job, and unaffordable home loans. Avoiding loan modification scams should be the least of these borrowers' troubles. However, with a rise of dishonest and fraudulent operations, as well as increasing mortgage loan modification fraud, many homeowners do not know where to turn! [MSNBC, 5/28/2009]

Unfair or deceptive loan modification scams have plagued the mortgage industry, and deterred countless homeowners from seeking help. In lieu of such scandalous practices, the Federal Trade Commission is contemplating whether it should ban such for-profit companies from charging fees in advance of loan modifications and helping homeowners avoid foreclosure.

Federal and state government and the private sector are now targeting loan modification scams and foreclosure rescue fraud, which will allow for reputable loan modification companies to assist those who need it. While not every loan is fixable, the majority of homeowners can indeed find options to greatly improve their financial situation.

Options include interest rate reduction, foreclosure prevention, or acquiring a more affordable payment, as well as converting high variable rates to low fixed rates. Moreover, borrowers who found themselves in a worse position after refinancing or loan modification may be refunded the excessive fees charged by unscrupulous lenders and mortgage companies.

Free information and evaluation is available online, and in just a few seconds you can confirm whether or not you qualify for the Obama plan.

Most Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification under the Obama administration's "Making Home Affordable" plan. Thanks to the HAMP program, a homeowner's mortgage payment cannot exceed 31% of their gross income, and because most home loans exceed 31%, the majority of borrowers are eligible for assistance.

Washington homeowners facing foreclosure, or about to be, should immediately begin exploring all the options available to them.

RELATED BLOGS:
Free Washington Loan Modification Evaluation
Loan Modification Fraud in Washington