Home Affordable Refinance Program Does Not Work North Scottsdale Real Estate

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The Government announced that they are extending the Making Homes Affordable Program, which was set to end on June 10th, 2010, to now run through June 30th, 2011. The program was designed to help 4-5 million homeowners. It has only helped 220,000 the program does not work because current market values are significantly lower than the writers of the program foresaw. While they are updating the expiration of the program, they should also address the requirement that the first mortgage has to be less than 125% of the current market value.

Category:

News & Politics

Tags:

• North Scottsdale Real Estate
• Taylor Lapidus
• Steven Stillwater
• The Precision Team
• Making Homes Affordable

[inspirediam]

I qualified, my home is worth more than is owed. But, when the amount computed for the trial period was computed, it was a violation of the guidelines. I disputed the amount, and now I have a breach of contract letter. So far, HOPE has not heard back from GMAC MORTGAGE about our disputing the amount of the trial period. The banks come out ahead from a business stand point if they foreclose. They collect the title ins. and FDIC, they make out quite well.