New York (CNNMoney.com) – President Obama's foreclosure prevention plan
has helped nearly 228,000 delinquent borrowers keep their homes, the administration said Wednesday.
That's up from a month ago, when roughly 168,000 people received long-term mortgage modifications.
Another 781,000 troubled homeowners were in trial modifications, through March, officials said. Of these, 108,000 have been approved for permanent modification by servicers and are awaiting borrowers' acceptance.
I read in another CNN article that most of these restructures cut the payments by only $100 per month and just add to the length of the loans. I know two people who went through this, it was very difficult to get people even to call back...one of them is still in dire straits and on the verge of bankruptcy and foreclosure because there are no jobs, and the other is now short-selling her house to avoid foreclosure. She will lose 60K in equity.
In January, he said he would focus on jobs. When is that going to happen?
Thank you President Obama.He will be a three term President like FDR.He will save us from the Corporate Fascists.The people rule.
Now CNN print the rest of the story. The 228,000 that were sucessfully modified was out of 1,200,000 who applied. That makes about 19% of those who needed help got it. This program has been a dismal failure. And it is also projected that the vast majority of those helped will eventually default anyway. People do not need a handout or loan modification, they need JOBS! This admiinistration seems to purposly keep the unemployment rate high so more will become dependent on government programs. What a shame, that's not what America wants. Obama is truely a traitor and should be dealt with accordingly!
Too little too late. Too bad nobody cared to go after my scum sucker lender who lost checks, raised the monthly payment.
This is very difficult to do. They need to weed out the people who were flat out reckless and who shouldn't be saved from their poor decisions while helping the folks who are unemployed or who have been affected by circumstances beyond their control. Personally, I'm fine with this taking a bit longer because I don't want our money wasted on people trying to "play the system".
Would a Republican President help its people like President Obama, hell no. There goal is to eliminate the middle class for total control ( kings and servants).
Gosh was I stupid for working hard and making my home payments on time on a home I could afford. I guess my payment will increase now to help pay for those who won't work.
I'm sure glad the progressives will be voted out this fall, this kind of stuff is out of control.
Please Notice wingnuts! This is a big help to many people. But that doesn't seem to be a part of your plan (helping OTHERS).
The Real Estate industry is still run by crook and liars with over-inflated prices to make the lenders, agent and property tax collectors rich. The reality is only a tiny fraction of borrowers can truly afford homes due to over-speculation and hype.