Hope for Ann Arbor Homeowners?

Last summer Congress passed a bill to help homeowners stay in their home by refinancing with lower cost government backed loans.

The bill called Hope for Homeowners. Congress predicted it would help over 400,000 however only 25 homes have closed and only 451 folks have applied.

The bill has just not been effective and some of the reasons are:

  • Lenders unwilling to take a loss on their loans
  • Government wanting to take some of the profit from the homeowner is they home appreciates in the future.
  • High interest rates
  • High fees
  • 2 years of financial information from the homeowner
  • The homeowner must prove they did not lie on their application.

What happened to all the TARP money ? (Trouble Asset Relief Program)

Sounds to me like this Bill needs revising and we need to help homeowners stay in their homes.  Call me if you need help with a Loan Modification or Short Sale, as I am a Certified Short Sale Specialist.

Read here for the requirements of the Hope for Homeowners Bill

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Comments

comments

One thought on “Hope for Ann Arbor Homeowners?

  1. You know what? They’re just rearranging the chairs on the deck of the Titantic. Isn’t that the phrase? With commercial real estate about to fall apart, this is just a cherry on top.

Thoughts?