There is a lot of pressure on the government to do something to help people who are having problems keeping up with there mortgages. Fortunately, per publicly available information, there are only a few Green Cay Village residents who are currently behind in their mortgage payments. But even a few is too many if you are one of the few. So here is information that may be helpful to residents in a tough financial situation.
Starting Dec. 1, Bank of America Corp. plans to modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. as part of an $8.4 billion legal settlement reached with 11 states, including Florida. Details
11/11/2008 - Fannie Mae and Freddie Mac are implementing a simpler and quicker procedure for modifying troubled loans that they own or insure. Details
11/10/2008 - Citigroup is halting foreclosures for borrowers who live in their own homes, have decent incomes and stand a good chance of making lowered mortgage payments. Details
10/31/2008 - JPMorgan Chase & Co. has expanded its mortgage modification program to an estimated $70 billion in loans, which could aid as many as 400,000 customers. The bank already has modified about $40 billion in mortgages, helping 250,000 customers since early 2007. Details
Are we almost there? No! - To date there has been a lot of talk and some cherry picking solutions for high-quality “conforming” mortgages that are in trouble, but not for the troubled, high-risk subprime loans.
Deutsche Bank estimates that more than 80 percent of the $1.8 trillion in outstanding troubled loans have been packaged and sold in slices to investors worldwide. And for these loans, no one has yet figured out how to get the approval of these investors to modify the terms of the loan.
Bottom line - I think that help is on the way for 20% of the people with troubled loans. For the other 80%, a break through approach that basically rewards or stiffs the investors who own the loans will be required, or there will be no help at all for these people.
Need Help? - The best advice I can give at this time is to contact your payment processor, the company you send your payments to, to determine the options that are available to you.
Saturday, December 14, 2008- In his Weekly Address, President-elect Barack Obama focused on a key component of getting our economy back on track: ending the mortgage crisis.
Leading News
1/4/2009 - Homestead Exemption Filing Details
Every person who has legal title on January 1, 2009 to a residential Florida property, lives there permanently, and is a permanent Florida resident, qualifies for a $50,000 exemption. ... more
12/12/2008 - Developer to Lease Some Condo and Townhome Units
The following letter announcing plans to lease some condo and townhome units at luxury market rental rates, was delivered today to all townhome and condominium owner's doors. ... more
Mortgage shoppers may often feel at a distinct bargaining disadvantage because they are not privy to the same information about interest rates as loan officers and brokers. ... more
12/7/2008 - Obama Seeks More Help for Homeowners
Having warned earlier in the day that "things are going to get worse before they get better" with the economy, President-elect Barack Obama pressed the Bush administration on Sunday to do more to help homeowners struggling with their mortgages. ... more
12/5/2008 - A New Tack: Helping Homeowners
After pouring vast amounts of money into financial institutions of almost every type, and having little to show for it, the Bush administration and the Federal Reserve are suddenly taking a new look at ordinary homeowners. ... more
11/12/2008 - Why Some Loans Are Hard to Modify
It sounds simple in principle: find troubled homeowners, change their mortgages and help them keep their houses. ... more
11/11/2008 - U.S. Offers Plan to Modify Home Loans
In an attempt to keep struggling homeowners from losing their houses, federal officials today announced a simpler and quicker procedure for modifying loans held by mortgage giants Fannie Mae and Freddie Mac and expressed hope that it would be adopted by the entire industry. ... more
11/10/2008 - Citigroup Offers to Ease Mortgage Terms
Citigroup announced late Monday it is halting foreclosures for borrowers who live in their own homes, have decent incomes and stand a good chance of making lowered mortgage payments. ... more
11/3/2008 - Hope for Homeowners Program - Update
The government expects only 20,000 troubled borrowers will be able to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer. ... more
10/31/2008 - JPMorgan Chase to Help Homeowners
JPMorgan Chase, the banking giant, said on Friday that it would expand its program to modify mortgages in an effort to avoid foreclosures on up to $70 billion in loans. ... more
Other News
11/6/2008 - Obama Pledges to Aid Homeowners
Barack Obama has pledged to help hard-pressed homeowners, but he will have to move quickly to forestall a new wave of foreclosures. ... more
10/29/2008 - Improved Homeowner Plans Being Worked On
Officials with the Treasury and the Federal Deposit Insurance Corporation are crafting a plan under which the government would guarantee the mortgages of as many as 3 million homeowners now struggling to avoid foreclosure, according to three sources familiar with the discussions. ... more
10/29/2008 - Foreclosure Assistance - News
Officials with the Treasury and the Federal Deposit Insurance Corporation are crafting a plan under which the government would guarantee the mortgages of as many as 3 million homeowners now struggling to avoid foreclosure, according to three sources familiar with the discussions. ... more
10/23/2008 - Foreclosure Assistance - A Starting Point
There is a new government assistance program, the HOPE for Homeowners Program, that went into effect on October 1, 2008. ... more
