As expected from the U. S. Treasury Dept and the FHA, WASHINGTON (Reuters) – The Obama administration’s effort to combat rising U.S. home foreclosures is on track to meet the goal of modifying more than half a million delinquent mortgages by November 1, a senior administration official said.
In testimony prepared for delivery at a congressional hearing on Wednesday, Federal Housing Administration Commissioner Dave Stevens said mortgage servicers had extended more than 571,000 loan modification offers through August.
I invite anyone to play along with their calculator. The federal government also estimates that 4 million homes need their mortgages modified. 500,000 divided by 4 million equals 13%. US attorney groups like the ones I represent are 95% or better at getting their client’s mortgages modified. What does that math tell the reader about the chances of a distressed homeowner getting their mortgage modified without contracting a US attorney?
The testimony was posted on the website of the House of Representatives Financial Services Committee.
About 360,000 modification offers have entered the 90-day trial period required before the modification can be made permanent, the text said.
Stevens said the administration was conducting a “high level review” of the housing rescue effort and was also exploring “programmatic options” to ensure signs of stabilization in the housing market are maintained.
Multi-family unit residences are also up for review.
This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
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Originally posted 2009-09-09 22:54:10. Republished by Blog Post Promoter
