With the Bush Administration pushing for a seven year mortgage freeze, and the mortgage industry wishing for a freeze of not longer than two years, a compromise seemed inevitable. And that compromise has been announced. There is a five year mortgage freeze for certain homeowners who qualify, and whose mortgages are expected to reset in the next couple of years. AOL News reports what the Bush Administration hopes to accomplish with this move:
The administration plan is designed to deal with the crisis by
letting subprime borrowers who are living in their homes and are
current on their payments to avoid a costly reset for five years.
The hope is that by that time the housing downturn will have
stabilized, clearing out the glut of unsold homes and halting the
steep slide in prices that is hitting many parts of the country.
However, I have expressed my doubts about how truly effective this move is, pointing out that people who made better financial decisions do not receive any benefit from this. And, honestly, without fundamental changes to the way the mortgage industry does business, this same problem will likely reappear in five years — when the mortgage rates are schedule to reset.
Technorati Tags: Bush Administration mortgage freeze, credit crisis, financial decisions, mortgage blog, mortgage freeze, mortgage industryAdd to:
We have a solution that the consumer can even do themselves and save thousands or opt in for non profit groups or attorneys to assits them.
STEP ONE
Create Free Web Account
Web Software Determines Qualification
FREE ANALYSIS
Login to New Account
STEP TWO
Free Consultation with Attorney
View Free Evaluation for Consumer Instructions on "How To do this on their own Option is offered"
Attorney Representation option is offered to Borrowers.
STEP THREE- (If Opted In For Attorney's Representation)
If Opted In For Attorney Representation Borrower pays only $300 Fax in required documents via exclusive Barcode Fax to the secure login provided by Myrecast System
PHASE ONE
MyRecast System Requests Original Mortgage File from Lender to be Audited - Power of Attorney Agreement Faxed into System for Acting Attorney - Cease and Desist filed with Lender from Attorney.
PHASE TWO
Once file is received from Lender, MyRecast System will audit mortgage file for Predatory Lending and Deceptive practices violations from the lender - Software Program has Original Subprime Lender Matrix and Guidelines that Underwriters used in qualifying consumers loans originally.
PHASE THREE - (Only If Needed)
If a Lender refuses to negotiate with the attorney we will request a HUD Expert; Professional Witness to review file and File HUD and or RESPA violations complaint against Lender. If necessary an additional fee of $250 will be required.
PHASE FOUR
Lender has agreed to the changes on the loan. Completion to Modify Lenders Loan for Consumer. Upon successful modification of the NOTE a final payment of $425 will be due.
Please feel free to contact us as a source for mortgage recasting, mortgage freeze, mortgage resting. You can go to http://myrecast.blogspot.com to see what others are saying. or go to http://www.myrecast.com
Pat
Posted by: Pat | December 23rd, 2007 1:58 am |
It is amazing to watch money evolve from worthwhile to worthless.The United States is running the country on borrowed money. People are not succeeding in life, they are buying success and going bankrupt because they are not following any restraint or fear of loss. Their is always cheaper money to buy in the US. This is so
dangerous and I believe the value of the US dollar would crash if the actual value that is placed on our own currency was understood by the rest of the world.
http://www.initred.com
Posted by: Jebs Prada | April 27th, 2008 12:11 pm |