Owner: Less Mortgage Blog URL:http://www.lesgage.com/ Join Date: Fri, 31 Oct 2008 11:32:47 -0500 Rating:0 Site Description: Everyday news on federal rescue program to aid troubled homeowners Site statistics:Click here
$700 Bailout any good for homeowners? 2008-10-30 17:44:00
FDIC and the Treasury are getting ready to present a plan to aid troubled homeowners. That rescue program will be funded from $700 billion federal bailout money. It's too early to provide any details, but in general homeowners can expect their loans modified or adjusted if they are:
Paying more then 38% of their income for the mortgage
Loan modification for property is cheaper for bank than fore
Welcome 2008-10-30 17:04:07 Welcome
to lesgage blog! We thought it would be a good idea to collect all available news and comments to aid troubled homeowners in getting out of financial disaster, created by greedy landers. Here we will be posting all information about loan modifications and other federal initiatives to help you keep your home and protect your assets. We hope it will be a valuable resource to guide our reade
Paulson vs. Top Lawmakers 2008-11-18 15:47:00
Today, top U.S. lawmakers put Treasury Secretary Henry Paulson
under pressure in order to allow usage of bailout money to save 1.5 million houses from foreclosures. Unfortunately for them, Paulson still thinks, that no matter what program will be accepted, households foreclosures will continue. He also pointed, that these funds won't be used to help troubled automakers (call for a separate bailou
To pay or not to pay? 2008-11-17 16:38:00
Many homeowners are facing a tough decisions now. With housing prices dramatically declining here and there, many homeowners are stuck with upside down mortgage - they owe more then their house worth today. Add to this lenders constantly raising rates on adjustable mortgages and it looks like a total doom day.
Options. First of all, if you owe more then house worth, or close to it, you have zer
FDIC comes out with a new proposal 2008-11-14 12:04:00
Today, FDIC chairwomen Sheila Bair unveiled new plan on loan modifications for troubled homeowners. In short, the details are:
Mortgage payment for delinquent borrowers would be reduced to 31% of gross monthly income
To get here interest rates will be lowered to 3% for 5 years and then adjusted at the rate of 1 point until it reaches the market value.
Loan term can be adjusted to 40 years
FDIC w Read more:comes
OMG! U.S. Changes plans on how to use $700 billion 2008-11-12 21:41:00
Today U.S. Treasury Secretary Henry Paulson told a news conference that asset purchases (bad mortgages) were not the most effective use of the funds. They appeared to be a month ago, but not now. Instead of that, these funds should be used to stabilize secured credit market - auto loans, student loans, etc, luring investors. That rapid change of course on the first look indicates, that buying tro Read more:billion
, plans
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