More Foreclosure Help On The Way
Friday, March 26th, 2010The last few days have been filled with news about one program or another aimed at helping homeowners who are at risk of losing their homes to foreclosures.
The federal government just released details of a program designed to shrink mortgage payments for unemployed homeowners.
As part of the program, the government is also pushing lenders to write down the value of loans to make them more affordable.
The news came the same week that Bank of America announced it will begin forgiving mortgage loan principal for underwater homeowners who owe 20 percent more than their homes are worth.
These programs could help thousands of homeowners, supporters say. In Massachusetts alone, foreclosure proceeds were started on more than 2,000 properties in February alone, according to statistics released by The Warren Group on Thursday. And foreclosure auction notices have more than tripled compared to last year.
I’m a little skeptical that these new initiatives are going to be successful. I’m curious to see what readers think.


