News: President Obama to Announce New Plan for Underwater Homeowners

On September 4, 2010, in Foreclosure, Message/News Board, by Robbie L. Vaughn, Esq.

The Wall Street Journal reports that the President will announce a “short refinance” program on Tuesday. Under this program:

  • banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government. The process involves refinancing borrowers into loans backed by the Federal Housing Administration.
  • Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes.

Click here to read the entire WSJ article

Also see our earlier post “FHA to Refinance Underwater Homeowners”.

As always, The Foreclosure Defense Law Firm of VAUGHN & WEBER, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, Long Island, at 217 Willis Avenue in Mineola, NY 11501. Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense lawyer.

Please visit our Foreclosure category to learn more about foreclosure issues.


Tagged with: • • • • • • • • • • • • • • • • • • •
 
0 Comments
Leave A Response

1 Million Homes May be Lost to Foreclosure In 2010

On July 16, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

Over 1 million homes could be lost to foreclosure this year

A recent Associated Press article is reporting that:

“More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.”

And that:

“Nearly 528,000 homes were taken over by lenders in the first six months of the year. If foreclosures continue at that rate, the yearly number would eclipse the more than 900,000 homes repossessed in 2009….”

Also visit our Foreclosure category to learn more about foreclosure.

As always, The Foreclosure Defense Law Firm of VAUGHN & WEBER, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, Long Island, at 217 Willis Avenue in Mineola, NY.  Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense attorney.

Tagged with: • • • • • • • • • • • • • • • • • • •
 
0 Comments
Leave A Response

Go To Top »
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan