Federal Plan Boosting Refinancing and Mortgage Loan Modifications
ByUnder the federal plan, homeowners will be eligible to refinance through Fannie Mae or Freddie Mac as long as their mortgage loan does not exceed 105 % of the current value of their property. A recent analysis from DataQuick shows that more than one-quarter of all homes in the San Diego region are worth less than the borrowers owe on their home loans. In most cases, inland communities in San Diego were hit hard by foreclosures over the last few montha. DataQuick also reported that the ZIP code with the most foreclosures in the county in January was south Chula Vista’s 91911 with 66, which is a 32% increase from the previous year.
Obama Outlines Mortgage Foreclosure Rescue Plan
California posted the nation’s second-highest state foreclosure rate in January, with one in every 173 housing units receiving a foreclosure filing during the month. Such filings were reported on 76,761 California properties, the most of any state despite a 14% decrease from the previous month. The state’s foreclosure activity in January rose 34% from the previous year. Governor Arnold Schwarzenegger recently signed into law a bill that requires loan servicing companies who haven’t already set up mortgage loan modification plans in California to hold off on home foreclosures for at least ninety days.
1 Comments
August 3rd, 2009 at 7:06 pm
I have already contacted my bank for Foreclosure Prevention,as well as loan modification expert. The bank isn’t interested in modifying the loan and won’t talk to us until about 9000.00 is paid and of course don’t have it.would like to find another mortgage lender. Our lender is proceeding with a home foreclosure. What should we do? Sallie