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Foreclosure Prevention Part II: Additional Qualifiers

Friday, April 30th, 2010

Foreclosure Prevention Part II: Additional Qualifiers
Part 2 of the amendments is as follows…
Underneath the American Housing Rescue and Foreclosure Prevention Act each loan measured for foreclosure prevention will have to be taken on by an FHA lender reviewed on an individual basis. So the banks in Chandler, Arizona still hold the control as they can aid or harm you in your hunt for foreclosure prevention by reviewing your credit scores, salary stubs, tax returns and other pertinent statistics.  This is actually no different than applying for a new mortgage! You will be required to meet a lot of the identical criteria to become certified for the foreclosure prevention act.
Does that make sense? Despite the fact that we are not mortgage lenders, it would appear that foreclosure prevention is not in your outlook if you do not have a near flawless credit score. Isn’t this in truth just a nasty joke, rather than an act of congress to assist thousands of Americans?  It stands to reason that just one percent of the people in the hunt for foreclosure prevention can meet the criteria for this program.
One more attention-grabbing note from this program…
American Housing Rescue and Foreclosure Prevention Act GSE Reform (H.R. 1427) borrowers are responsible for paying a lifetime insurance premium to the FHA, which your gov’t determined will be a robust one and a half percent of the yearly principal. Users of this foreclosure prevention act have to also be in agreement that if they sell their house for a gain in the future, they will divide up that profit with the FHA. In order to facilitate this, residence owners will pay a three percent “exit fee” of the mortgage when they sell or refinance their property if they chose to use the foreclosure prevention act. 
How useful are these amendments to the inhabitants in Chandler, AZ looking for foreclosure prevention help?  From the outside looking in, it would seem that the foreclosure prevention act is intended at helping the FHA be more secure in the future, rather than serving the house owners that are searching for foreclosure prevention and trying to save their families houses. 
To sum it all up, with the deep recession that this nation is in at the moment and bearing in mind the glaring negligence of our Government with their preposterous programs like the American Housing Rescue and Foreclosure Prevention Act, they have failed the American nation.  There is actually no offer of real foreclosure prevention assistance to the people who need it most.  There is very little probability that this foreclosure prevention program will ever get to the citizens that can truly gain from using it.
Perhaps, with the new administration, the American public can find a foreclosure prevention program that will truly work FOR them.  On the other hand, between now and the advent of any government agenda that can actually help us, you are very much standing by yourself in your hunt for a foreclosure prevention scheme that will actually work for you. 

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