Wednesday, March 25, 2009

Update on Obama's Housing Fix

This is an update to my first article. On March 4th the government passed a housing bill aimed at reducing the number of foreclosures and helping homeowners reduce their monthly payments.

Banks and servicers are still updating their systems to implement the changes. These companies are also waiting on clarification for some parts of the bill. It may take a few more weeks for these companies to be ready to start taking applications for refinances and modifications. Just be patient.

In the meantime the government has created a website that you can go to : http://makinghomeaffordable.gov/ . This website can help you figure out if you will qualify for the new programs that are being put into place.

Just because the banks are not completely ready to take on this program does not mean that you can’t call them. Many of the banks are taking down names and numbers of the customers that call them. Then once they have the program in place they will return these customer’s calls.

The good news is that the four largest servicers in the country have agreed to participate in the program – Wells Fargo, CitiBank, JP Morgan Chase and Bank of America. This is huge! This means that most of the other banks will likely follow their lead. So help for you could be on the way!

Read an update on CNN Money at - http://money.cnn.com/2009/03/19/news/economy/Obama_foreclosure_plan/index.htm?postversion=2009031909

Check out details of the new program at http://www.treas.gov/initiatives/eesa/

If you need help with a refinance or a purchase check out www.thebriteway.com and give us a call.

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