Posted by Kenny Hernandez
NEW YORK (CNNMoney.com) -- Only about 4% of troubled borrowers have received long-term help under the Obama administration's foreclosure prevention program, Treasury officials said Thursday.
A nearly equal number of trial modifications have been denied permanent assistance, the report showed. The reasons include not making monthly payments on time, not submitting all the necessary paperwork and not qualifying for reasons such as insufficient income.
The report, the first comprehensive tally of permanent modifications made, shows that loan servicers have converted 31,382 people from trial adjustments to long-term assistance as of Nov. 30.
This is extremely unfortunate. We should be focusing on ways to get this rate up to 40%.
ReplyDeleteLess paperwork might help.
Self-certification another.
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why Only about 4% !
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Many novice investors make the mistake of being tempted by low-priced foreclosure homes. Realize if a foreclosure home requires extensive repairs, it can cost a fortune and quickly deplete your profit margin. Investing in a foreclosure home that has a higher price tag, but requires fewer repairs might be a better option.
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Hard money lenders can lending money earlier than regular mortgage brokers because they are directly dealing with private money investors.
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