Nationwide news channels are filled with reports on the Obama stimulus plan and focused mostly on the 75 billion allocated by Obama's administration for Mortgage Relief. Obama's plan focuses on keeping up to 9 million people from foreclosure. Helping these homeowners avoid foreclosure is vital to stabilizing home prices and ultimately the economy.
But let's face it, just about every body is in the mortgage crisis right now. And fortunately by taking advantage of the mortgage relief program that is available to you, you can finally get the help you need. In fact many families are heading over to banks in order to seek help of some sort of mortgage relief program. But the sad fact is that many banks turn away families simply because there is little to no help left for them. They're basically overwhelmed and left with paperwork up to their necks.
Banks alone can't simply help everybody out. But fortunately there is another way for families to get they help they need without wasting time standing in lines all day at their local banks.
Let's take Corona in California, where the mortgage relief plan being pushed by the government is supposed to help debt-laden homeowners across America. But it's creating dashed hopes and fresh tensions in this city that mushroomed during the subprime-lending boom. The problem is that the lending occurred in a very indiscriminate and predatory way which effectively removed many of the criteria for lending while the rescue plan that's being proposed comes with a stringent set of criteria many of the most needy home owners will simply not be able to meet.
Nationwide, California is among the leaders in foreclosure filings this year. It notched state-record highs for default notices and homes lost to lenders in the June-to-September quarter, according to DataQuick Information Systems, a La Jolla, Calif., real-estate research firm. The time has come to put together a mortgage relief plan that actually provides mortgage relief. Then and only then will the foreclosures we see work as the organic, balancing mechanism we know and start to provide real value in our real estate economy.
But let's face it, just about every body is in the mortgage crisis right now. And fortunately by taking advantage of the mortgage relief program that is available to you, you can finally get the help you need. In fact many families are heading over to banks in order to seek help of some sort of mortgage relief program. But the sad fact is that many banks turn away families simply because there is little to no help left for them. They're basically overwhelmed and left with paperwork up to their necks.
Banks alone can't simply help everybody out. But fortunately there is another way for families to get they help they need without wasting time standing in lines all day at their local banks.
Let's take Corona in California, where the mortgage relief plan being pushed by the government is supposed to help debt-laden homeowners across America. But it's creating dashed hopes and fresh tensions in this city that mushroomed during the subprime-lending boom. The problem is that the lending occurred in a very indiscriminate and predatory way which effectively removed many of the criteria for lending while the rescue plan that's being proposed comes with a stringent set of criteria many of the most needy home owners will simply not be able to meet.
Nationwide, California is among the leaders in foreclosure filings this year. It notched state-record highs for default notices and homes lost to lenders in the June-to-September quarter, according to DataQuick Information Systems, a La Jolla, Calif., real-estate research firm. The time has come to put together a mortgage relief plan that actually provides mortgage relief. Then and only then will the foreclosures we see work as the organic, balancing mechanism we know and start to provide real value in our real estate economy.
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