A new poll by market research firm Harris Interactive
provides some unpleasant numbers about
the housing crisis and the collapse of the house price bubble. The company
found that 24 percent of people with mortgages believe they owe more on the
loan than their homes are worth.The U.S. Treasury Department recently announced
that it is expanding the
administration's Home Affordable Modification Program (HAMP) to provide some
mortgage relief to underwater borrowers. Participating servicers will be required to consider an "Alternative
Modification Waterfall" in their evaluations, which includes writing down
the principal for loans that are over 115 percent of the current value of
the property. This alternative modification approach will include incentive
payments for each dollar of principal write-down by servicers and investors.But some market observers worry that the help may be too little too late for
many struggling homeowners, since Treasury officials say "it will take time"
- no earlier than the fall - before the new program enhancements are up and
running. According to the Harris poll, nearly half of the borrowers who believe they
are underwater say they are currently having difficulty paying their
mortgage. Twenty-six percent report having "a great deal of difficulty."
Another 23 percent are having "some difficulty." Promote your business and
services online and offline, find out when our next mixer is.Connect with other successful
womenReal Estate Investing Education,
take advantage of today's real estate marketBuild Your Business-Drive Your Dream Promo
Code: legendwww.TotalSolutionsAlliance.com Connect with me on Facebook
Twitter LinkedIn
provides some unpleasant numbers about
the housing crisis and the collapse of the house price bubble. The company
found that 24 percent of people with mortgages believe they owe more on the
loan than their homes are worth.The U.S. Treasury Department recently announced
that it is expanding the
administration's Home Affordable Modification Program (HAMP) to provide some
mortgage relief to underwater borrowers. Participating servicers will be required to consider an "Alternative
Modification Waterfall" in their evaluations, which includes writing down
the principal for loans that are over 115 percent of the current value of
the property. This alternative modification approach will include incentive
payments for each dollar of principal write-down by servicers and investors.But some market observers worry that the help may be too little too late for
many struggling homeowners, since Treasury officials say "it will take time"
- no earlier than the fall - before the new program enhancements are up and
running. According to the Harris poll, nearly half of the borrowers who believe they
are underwater say they are currently having difficulty paying their
mortgage. Twenty-six percent report having "a great deal of difficulty."
Another 23 percent are having "some difficulty." Promote your business and
services online and offline, find out when our next mixer is.Connect with other successful
womenReal Estate Investing Education,
take advantage of today's real estate marketBuild Your Business-Drive Your Dream Promo
Code: legendwww.TotalSolutionsAlliance.com Connect with me on Facebook
Twitter LinkedIn
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