The Treasury Department just released disturbing reports that about 90,000 “distressed borrowers” will be losing their federal mortgage aid under the government’s foreclosure prevention plans possible making this another administration failure.
But the news may prove to be much more damaging. This announcement includes the thousands of homeowners who have already modified their loans to lower payments and have paid them on time.
There are those that no longer qualify under the foreclosure prevention programs. However, the surprising news is going to be for those that lost their qualification due to earning too much money or not earning enough since entering these programs.
The problem stems from the fact that some of them are actually saving money for their retirement. And that in turn could mean you’re out of the loan modification program because their savings would put them over the limit permitted so that they no longer qualify for federal aid.
There are many who are loudly calling for the government to stay out of matters that constitutionally they have no right to enter. But to disqualify those who first qualified for funding doesn’t seem fair as well.
These homeowners had to go through rigorous red tape by dealing with all the paperwork to get approve for their loan modification which saved them from foreclosure and then made their payments on time only to be told that Uncle Sam is not going to keep his end of the bargain.
Yet, the Fed continues to bailout out dishonest banking, financial and auto institutions to name just a few and then has the audacity to deny support to the very tax payers who for years paid taxes and kept the government afloat in the very first place. What’s wrong with this picture?
But sad scenarios such as this has helped give birth for private companies to provide similar services to consumers needing this help but at a cost.
One such company that is now offering mortgage-relief options to these distressed homeowners rather than offer the red tape federal mandates is Wells-Fargo. And there seems to be no end to the line-up of homeowners who are leaving federal programs for private ones.
Why? It seems once you’re in there, you actually have a shot at getting a direct answer on whether or not you’re able to keep your home and what your payments will be. This may be what homeowners need and will use.
If you are wanting the best lending options on a St Louis home mortgage or a St Louis home loan, visit our websites or call Floyd, Steve or Doug at 877-334-0210 or 314-334-0210.
Tags: borrowers, finance, Foreclosure/Repossession, home loan, homeowners, lending, loans, mortgage, st louis home loan, st louis home loans, st louis home mortgage, st louis lending, st louis mortgage, st louis mortgage rates, st louis refinancing