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2013년 11월 24일 일요일

About 'mortgage debts'|Expiration of Debt Relief Act Could Revive Mortgage Crisis







About 'mortgage debts'|Expiration of Debt Relief Act Could Revive Mortgage Crisis








According               to               a               press               release               from               the               Hillary               Clinton               campaign               on               March               24,               in               a               major               speech               in               Philadelphia,               Hillary               Clinton               announced               a               specific               four-point               plan               that               she               believes               will               stem               the               tide               of               home               foreclosures               -               a               key               driver               in               the               currently               weakening               economy.

"Over               the               past               week,               we've               seen               unprecedented               action               to               maintain               confidence               in               our               credit               markets               and               head               off               a               crisis               for               Wall               Street               Banks,"               Clinton               said.

"It's               now               time               for               equally               aggressive               action               to               help               families               avoid               foreclosure               and               keep               communities               accross               this               country               from               spiraling               into               recession,"               said               Clinton.

"The               solution               I've               proposed               is               a               sensible               way               for               everyone               -               lenders,               investors,               mortgage               companies               and               borrowers               -               to               share               responsibility,               keep               families               in               their               homes,               and               stabilize               our               communities               and               our               economy."
               Whether               her               plan               will               work               can               be               determined               by               lining               it               up               with               the               sort               of               problems               consumers               are               currently               facing               in               the               real               world.
               Our               Mortgage               Crisis
               In               2003,               my               wife               and               I,               and               our               two               young               children,               moved               into               our               first               home               in               southern               Maine.

After               two               years               of               paying               down               our               credit               card               debts               and               improving               our               credit               rating               enough               so               that               we               could               qualify               for               certain               "special               programs"               for               borrowers               with               excellent               credit,               we               had               finally               succeeded               in               buying               our               very               own               first               home.
               That               is               when               all               of               the               problems               began.
               We               had               qualified               for               a               unique               loan               where               80%               of               the               loan               was               under               a               traditional               30-year               mortgage               at               an               excellent               interest               rate               -               specifically               6.25%.

You               just               can't               beat               it.
               However,               the               catch               was               this.

Since               we               hadn't               had               a               chance               to               save               up               a               down               payment               for               the               house,               GMAC               Mortgage               was               willing               to               offer               us               a               second               mortgage               on               the               house               for               $42,000               at               a               variable               interest               rate.

At               the               time               the               loan               was               processed,               this               interest               rate               was               only               7.5%.
               After               we               had               moved               into               our               home,               I               watched               with               trepidation               as               Alan               Greenspan               at               the               federal               reserve               gradually               continued               bumping               up               interest               rates               every               few               months.

As               I               watched,               over               the               course               of               one               year,               the               feds               bumped               up               rates               ¼               point,               ¾               points,               and               on               and               on               until               our               rate               on               the               variable               loan               in               2007               had               hit               over               9.3%.
               Angry               with               the               Federal               Reserve,               I               started               to               call               around               and               ask               what               we               could               do               to               get               rid               of               our               variable               interest               loan.

However,               since               we               hadn't               built               up               enough               equity               (in               fact,               due               to               the               fact               that               home               prices               had               fallen               dramatically               in               our               area               since               we               bought               the               house),               no               one               could               help               us.

We               find               ourselves               trapped,               in               an               upside               down               mortgage               (the               house               is               now               worth               much               less               than               we               paid               for               it),               and               a               variable               rate               loan               that               we               can't               afford.
               The               Clinton               Solution
               Below,               we               will               examine               Clinton's               four-point               plan               and               determine               whether               or               not               her               plan               would               really               assist               other               folks,               like               us,               who               have               been               trapped               by               the               allure               of               the               adjustable               rate               mortgages               that               have               been               so               popular               over               the               last               few               years.
               1)               A               New               Action               to               Help               Millions               of               At-Risk               Homeowners               Restructure               their               Mortgages               and               Stay               in               Their               Homes.
               The               Proposition               -               Senator               Clinton               wants               to               extend               the               reach               of               the               FHA               to               guarantee               restructured               mortgages               as               proposed               by               Rep.

Frank               and               Sen.

Dodd.

This               action,               according               to               Hillary,               would               help               millions               of               Americans               who               could               responsibly               pay               monthly               payments,               through               a               restructuring               of               their               mortgages.

The               approach               she               supports               would               essentially               allow               the               government               to               guarantee               affordable,               restructured               mortgages               that               would               depend               on               private-sector               auction               of               large               mortgage               pools.
               Would               it               Help?

-               This               solution               would               prove               to               be               a               tremendous               influence               on               overall               financial               markets.

A               majority               of               home-owners               who               are               struggling               under               the               enormous               weight               of               mortgages               that               simply               have               interest               rates               that               are               too               high,               would               find               relief               from               the               very               simple               restructuring               of               mortgages               that               lower               the               interest               rates               and               may               even               convert               the               loans               to               more               reasonable               30               year               mortgages               with               the               kind               of               reasonable               payments               that               responsible               homeowners               can               actually               afford.
               2)               A               High-Level               Emergency               Working               Group               on               Foreclosures               to               Investigate               How               to               Achieve               Broad               Restructuring               of               AT-Risk               Mortgages.
               The               Proposition               -               Clinton               is               calling               for               the               establishment               of               an               Emergency               Working               Group               on               Foreclosures               that               would               report               within               three               weeks               on               the               best               way               to               resolve               the               current               mortgage               crisis.

The               proposed               Working               Group               would               be               headed               by               such               experts               as               Alan               Greenspan,               Paul               Volcker,               and               Bob               Rubin.

The               role               of               this               working               group               would               be               to               provide               an               analysis               of               the               effectiveness               of               the               proposed               Frank/Dodd               legislation.

If               the               legislation               is               determined               to               be               ineffective,               then               the               group               would               be               tasked               with               investigating               an               effective               government               role               through               FHA               or               some               other               entity               as               an               intermediary               purchaser               in               the               case               of               necessary               government               intervention.
               Would               it               Help?

-               It               could,               although               the               help               would               be               indirect.

Such               a               working               group               would               make               sure               that               the               proposal               offered               in               #1               would               actually               work.

If               it               wouldn't               work,               then               the               Working               Group               would               essentially               come               up               with               some               kind               of               plan               that               would               allow               the               government               to               step               in               as               an               intermediary               purchaser               if               mortgages               are               falling               into               default               and               foreclosure.
               3)               Clarifying               Legal               Liability               for               Mortgage               Servicers               to               Help               Unfreeze               the               Mortgage               market
               Proposal               -               While               many               people               don't               realize               that               mortgage               companies               are               held               liable               to               investors               who               actually               own               the               mortgage               papers,               this               particular               proposal               focuses               on               that               aspect               of               mortgage               lending.

This               is               the               reason               why               mortgage               companies               are               resistant               to               the               restructuring               of               such               loans.

Senator               Clinton               proposes               to               introduce               legislation               that               would               ensure               that               such               mortgage               companies               who               do               the               right               thing               through               helping               homeowners               keep               their               homes,               as               well               as               meeting               the               investors               needs               to               avoid               risk               -               would               not               face               legal               liability               or               negative               tax               consequences.
               Would               it               Help?

-               This               is               one               item               that               could               help               those               of               us               struggling               under               a               ridiculously               high               interest               rate.

Currently,               mortgage               lenders               are               very               unwilling               to               consider               even               a               slight               drop               in               interest               rates               -               or               even               a               minor               restructuring               of               the               loan               that               would               reduce               the               monthly               payment               to               a               degree               that               would               make               it               more               affordable.

It               is               very               likely               that               if               the               legal               and               tax               liabilities               are               removed               from               the               mortgage               lenders,               they               would               be               much               more               willing               to               talk               when               customer's               call               and               express               that               they               can               not               make               the               current               mortgage               payments.
               4)               A               New               Housing               Stimulus               Package               With               at               Least               $30               Billion               for               States               and               Localities               to               Fight               Concentrated               Foreclosures
               Proposal               -               Senator               Clinton               proposes               emergency               housing               funds               would               be               designed               to               be               administered               quickly               to               state,               local               and               community               groups               that               work               to               stem               foreclosures               through               grants               provided               for:
               -               Acquiring               distressed               properties,               making               improvements,               and               putting               them               back               into               productive               use.
               -               Offsetting               the               costs               associated               with               crime               and               safety               in               distressed               neighborhoods.
               -               Working               with               homeowners               under               threat               of               foreclosure               to               restructure               their               mortgages.
               Would               it               Help?

-               This               aspect               of               the               four               proposals               above               is               one               which               would               not               only               help               individual               homeowners,               but               it               would               save               entire               communities               from               the               disastrous               effects               of               foreclosure.

Foreclosure               can               lower               property               values               all               around               the               property               that               is               foreclosed.

It               can               distress               entire               neighborhoods               due               to               reduced               collected               property               taxes,               and               can               lead               to               increased               crime               in               the               area.

If               money               is               directly               sent               to               help               communities               avoid               this               fate               -               it               would               save               all               of               us               who               are               either               facing               imminent               foreclosure,               or               live               in               a               community               where               groups               of               folks               are               currently               facing               that               reality.
               Should               these               proposals               become               a               reality               in               the               near               future,               it               is               likely               that               it               could               essentially               save               us               from               the               current               housing               crisis.

In               fact               -               it               could               save               the               entire               economy.

However               -               whatever               solution               is               adopted,               it               would               need               to               be               wide               in               scope,               very               aggressive,               and               quickly               implemented.

The               slowly               turning               wheels               of               bureaucracy               are               not               acceptable               in               such               a               crisis               as               this               one,               and               empty               campaign               promises               will               do               nothing               to               prevent               families               around               the               country               from               losing               their               homes.
               These               are               all               valuable               answers               to               the               crisis               that               our               country               now               faces.

We               can               only               hope               that               these               campaign               promises               are               sincere,               because               at               face               value,               they               are               powerful,               important,               and               effective               answers               to               the               crisis               that               so               many               American               families               are               facing               today               in               this               country.






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    8. ogdeninsights.blogspot.com/   12/25/2012
      ...be ahead for homeowners who are underwater on their homes: \ The Mortgage Debt Relief Act of 2007 is scheduled to expire at the end of the year. The...
    9. southorangecounty.wordpress.com/   07/08/2012
      Mortgage Debt Forgiveness Preventing Foreclosures...in 2010, according to Amherst. The mortgage servicers cannot forgive debt on loans that are owned...
    10. livinglies.wordpress.com/   11/26/2012
      ...who all agreed that reduction of household debt — and in particular the dubious mortgage debt that Wall Street is using to make more and more profit, is something...
    11. Mortgage Debts - Blog Homepage Results

      Credit Card Debt Suspension Insurance Premiums REDUCED by 2000%, IMPROVED Reverse Mortgage Options, INVOLUNTARY Credit Card Default Rights, a NEW STOCK MARKET for Main Street.
      Tip and Technique for Debt Restructuring, Mortgage Loand Modification, Mortgage Restructure with creditor. And Debt Consolidation Information.
      ...and jobs to people to pay or repay a debt or to enable them a little more money...for obtaining a way to repay a loan, mortgage or credit card. Need help and guidance sign in and...



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