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Monday, March 1, 2010
Obama Foreclosure Ban - Refinance News Update!
The Obama Administration has recently been discussing placing a moratorium on foreclosures. Obama's plan would place restrictions on banks foreclosing on homeowners unless they have been considered for the Housing Affordable Modification Program (HAMP).
Banks would be required to contact borrowers that over 60 days or more late on mortgage payments to discuss qualifications for HAMP. This legislation is Obama's Administration's attempt to push the banks into providing more assistance to homeowners in trouble. Many banks have been circumventing Obama's request to provide more assistance to borrowers even though they previously received TARP money. Banks are also concerned that this legislation could potentially create additional costs by delaying the forecolusore process by 2 more months.
"I'm sorry Obama but don't you think you should of put this type of legisliation in place when you gave banks tax payer money. Its a little late to be trying to force them to help borrowers now - but I guess its still better late than never."
Banks would be required to contact borrowers that over 60 days or more late on mortgage payments to discuss qualifications for HAMP. This legislation is Obama's Administration's attempt to push the banks into providing more assistance to homeowners in trouble. Many banks have been circumventing Obama's request to provide more assistance to borrowers even though they previously received TARP money. Banks are also concerned that this legislation could potentially create additional costs by delaying the forecolusore process by 2 more months.
"I'm sorry Obama but don't you think you should of put this type of legisliation in place when you gave banks tax payer money. Its a little late to be trying to force them to help borrowers now - but I guess its still better late than never."
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I'm a licensed mortgage professional that has been helping borrowers for the past 8 years refinance and obtain mortgages for new homes. I enjoy providing helpful mortgage information to people interested in financing their home. Feel free to contact me with any questions about your mortgage situation.
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