Five states see billions of dollars in homeowner aid
Aiming to help struggling homeowners
For homeowners that are unemployed and underwater, they don’t always qualify for traditional loan modifications or governmental assistance, so last month, the Obama administration set aside $2.1 billion in assistance for ten of the worst hit states. Each state had to submit plans that were innovative in order for their method to be approved. The plans varied from subsidizing mortgage payments for up to 2 years to paying down principle.
Today, the Treasury Department approved proposals for $1.5 billion of these federal funds in Arizona, Florida, California, Nevada and Michigan. While most of these plans are reportedly similar, some pay off second liens and others actually facilitate the short sale process in the name of avoiding foreclosures. Some states will be matching funds from loan servicers but there is no word yet on which servicers are in agreement with the agencies.
The programs will be headed up by each state’s housing finance agency and will be put into place over the coming weeks. Although these plans have seen their share of criticism, the Administration is moving forward in an effort to help homeowners, thus the residential real estate sector and the economy’s health overall.
The remaining monies will go to North Carolina, South Carolina, Ohio, Oregon and Rhode Island whose plans will be ruled on by the Treasury by August.
CC Licensed image courtesy of think panama via Flickr.com.
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This article published on Wednesday, June 23rd, 2010 at 9:42 pm | Contact the editor
Topics: News
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- Help For Struggling Homeowners On The Way « Fred Real Estate Group:
[...] *Article courtesy of Agent Genius Magazine. [...]
- Bridget Magnus » Friday Figures for 6/25/2010:
[...] dropped in May, mortgage rates are at record lows. Nevada is one of 5 states set to get federal homeowner aid. And finally home builder KB Homes lost more money than expected last [...]
- AgentGenius:
#agnow [...] *Article courtesy of Agent Genius Magazine. [...] http://bit.ly/cNwzY0
- AgentGenius:
#agnow [...] dropped in May, mortgage rates are at record lows. Nevada is one of 5 states set to get federal homeow… http://bit.ly/cNwzY0
- AgentGenius:
#agnow The Federal government is the founder of the current housing mess. Each administration since Jimmy C arm twi… http://bit.ly/cNwzY0
- agentgenius:
#agnow The Federal government is the founder of the current housing mess. Each administration since Jimmy C arm twi… http://bit.ly/cNwzY0
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
Five states see billions of dollars in homeowner aid: Aiming to help struggling homeowners
For homeowners that are… http://bit.ly/bWyYpt
AgentGenius: Five states see billions of dollars in homeowner aid http://bit.ly/aK9xN1 Full http://bit.ly/bhlcAo
Five states see billions of dollars in homeowner aid – Aiming to help struggling homeowners
For homeowners th… http://tinyurl.com/38lwbw9
RT @RealEstateBabbl: AgentGenius: Five states see billions of dollars in homeowner aid http://bit.ly/aK9xN1 Full http://bit.ly/bhlcAo
Which 5 states are seeing billions of $$$ in homeowner aid? http://ow.ly/22G5d
Five states see billions of dollars in homeowner aid http://bit.ly/8XjqkW (@agentgenius)
Five states see billions of dollars in homeowner aid: comments http://bit.ly/b0Y09K
Five states see billions of dollars in homeowner aid http://bit.ly/aBW4x4
The Federal government is the founder of the current housing mess. Each administration since Jimmy C arm twisted the banking industry to grant mortgages to people who should never, I mean never, own property. NOW, it is prolonging the pain by providing subsidies and not allowing the market to adjust and correct. Beam up scotty, there is literally no intelligent life on the Hill.