photo credit: Great Beyond

Many of us have in some way experienced the real estate crash. Either we are in the situation ourselves or we know someone who has plunged into the real estate abyssal trench. When the market crashed many homes values dropped, which left many people owing more on their home than they're worth. Combine that with increasing unemployment and we get a flood of people who had to walk away from their homes or get foreclosed on. However, the administration said there is new hope for upside down homeowners, they have released a new program which helps these distressed people.

The Obama administration continues to try and help the real estate market and have released a program that will let people in trouble refinance their homes. The Federal Housing Administration will now permit lenders to give borrowers in trouble refinanced loans backed by the government. The program will let lenders forgive at least 10 percent of the original mortgage loan.

There was a flood of homeowners enrolling in the Obama program hoping for some relief. Unfortunately, the program doesnt seem to be has helpful as many were hoping, more than half of the homeowners who signed up have dropped out of the program. The program, overseen by the Treasure Department is being called a bureaucratic nightmare. There is a paperwork backlog and missing documents are reported frequently.

Read the full article from Denver Post

Posted in Denver Colorado Real Estate, Real Estate Investing, Real Estate Market Conditions, Real Estate Industry

Comment on this article

Name

Email
Your email address will not be displayed.

Site/Url
Your URL will be displayed.

Your vote

Poor Excellent

Comment text

Options

  Line breaks become <br />

  Remember me

  Allow users to contact you through a message form.

Captcha

Please enter the characters from the image above. (case insensitive)

Captcha code