will obama’s plan prevent foreclosures in portland
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Will Obama’s housing bailout plan actually help residents of our city? The Oregonian offered a split vote. In a recent article, staff writer Brett Hunsberger reported that while it will help some people, it won’t help those in greatest need.TRANSCRIPT
Will Obama’s Plan Prevent Will Obama’s Plan Prevent Foreclosures in Portland?Foreclosures in Portland?
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Will Obama’s housing bailout plan actually help residents of our city? The Oregonian offered a split vote. In a recent article, staff writer Brett Hunsberger reported that while it will help some people, it won’t help those in greatest need.
The $76 million dollar loan modification program, called the “Homeowner Affordability and Stability Plan” was announced by the Department of the Treasury in February.
Eligibility requirements for participating in the plan include:
Only homeowners with loans through Fannie Mae and Freddie Mac qualify
Borrowers can’t owe more than 105% of the value of their home
The home must be the primary residence
Experts agree that this is a good and necessary step towards repairing the housing market. However, the plan itself isn’t comprehensive enough to help those in greatest need.
According to Hunsberger, “…it might not help those in the worst shape: families with homes underwater -- that are valued at less than what they owe -- and who have suffered a significant income hit.”
The question that remains to be answered is what foreclosure prevention options remain for people who have suffered the greatest losses in home values and soaring interest rates?
MSNBC.com reports (via an Associate Press article) suggest homeowners: “Contact your lender or mortgage servicer regarding other modification programs or refinance options. Alternatively, contact a local housing counselor to negotiate with your lender or servicer, to help locate other local resources like rescue grants or loans, or to facilitate a short sale or deed-in-lieu of foreclosure if staying in the home isn’t possible.”
In Portland, RE Acquisitions has seen a dramatic increase in phone calls from homeowners in need of assistance. “We understand the options for foreclosure prevention. We want to make sure that no one has to go through that experience unless there are absolutely no other alternatives.” RE Acquisitions is a Portland, OR based short sale servicing and foreclosure prevention firm.
The bottom line is that even if you do not qualify for the new housing bailout plan, you still have options. Contact a trusted source for housing counseling today.