Feds must do more to curb foreclosures, Bernanke insists
Jeannine Aversa |The Associated Press
Bernanke lays out some options for loan modifications calling for a ramped up effort.He is watching as foreclosures are increasing an excerpt....
Lenders appear to be on track to initiate 2.25 million foreclosures
this year, up from an average annual pace of fewer than 1 million
during the pre-crisis period, he said.
Options...
1. Hope for Homeowners.Homeowners enter into a more affordable federally insured loan and must also pay an upfront insurance premium. Bernanke suggests somehow lowering the insurance premium as well.
2. Use the terms of a loan-modification plan put forward by the Federal Deposit Insurance Corp. to lower monthly payments.
The challenge is will this help come in time. We have other articles posted and keeping up with the stories and from the field. The reality is that there will be a lot people that fall through the cracks. That make good faith payments and still lose their homes. That if the assistance package was available to them months earlier it would work.
Again getting someone to be on your side of the table iseems like the smartest thing you could do for you and your family...
Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251.
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