The Obama Bail Out Means Loan Modifications For Westchester County, NY

Housing Bailout at $275 Billion

Obama Plan Would Fund Loan Modifications, Cover More Losses at Mortgage Titans:

The plan, which could cost as much as $275 billion, will enable as many as five million homeowners who have little equity in their homes — or even owe slightly more than their homes are worth — to refinance loans through government-controlled mortgage giants Fannie Mae and Freddie Mac. The administration set aside $200 billion in new backing for the pair, which will play a central role in the rescue.

In addition, the government plans to spend $75 billion to encourage lenders to modify loan terms for people at risk of foreclosure or already in foreclosure proceedings. Lenders and the government would jointly lower monthly payments to 31% of homeowners’ income. To encourage servicers, the plan includes incentives such as $1,000-a-year “pay for success” fees if a borrower stays current on the loan.

When I post this sort of thing, my clients ask me, what does this mean in Westchester County, NY?   Simple.  There is a way out.  Loads of homes have lost loads of value.   You don’t have to sell your home to get out of that Subprime mortgage that you were planning to get rid of anyway.  You can call me and we can work out a permanent solution or alternative to foreclosure.

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