Eclipse Foreclosure
Why is 0bama’s foreclosure program also a failure?
Nearly 50 percent leave Obama mortgage-aid program.
That would eclipse the more than 900,000 homes repossessed in 2009, the firm says.
Zandi predicts another 1.5 million foreclosures or short sales in 2011.
How is 1,500,000,000 homes being foreclosed this year going to fix the economy?
The reason this program has failed is because of the structure.
1st. If you allow the bank to modify your mortgage who is it going to be in the best interest of.
2nd. The banks give homeowners a 3 month trial period usually 50% percent of their original mortgage payment. What they don’t tell homeowners is they will still be reported in default, late on their credit, and the foreclosure proceedings won’t stop.
The only way to fix this is to enforce the banks to do principle reductions!
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