Wednesday, November 3, 2010

New Anti-Foreclosure Strategies - Roseville California News including Rocklin & Placer County

NOTE: It amazes me how these banks even with new options available and WITH THE AG demanding accountability for legal procedure compliance are schmoozing the judges and going through with foreclosures. They have started up the tricks again, watch for a new wave of foreclosures, despite these new strategies. GREAT article JULIE...

CLICK on title to read fulll article plus link to her blog.

New Anti-Foreclosure Strategies - Roseville California News including Rocklin & Placer County: "Here are three programs which are in the conversation stage which could help add to the current anti-foreclosure strategies.

Mortgage Cramdowns is getting a new look.� This would give a bankruptcy the right to consider all of a borrower’s obligations and create a solution which would force all parties, including mortgage lenders, to compromise.��

Fannie Mae and Freddie Mac could be encouraged to refinance up to 30 million loans for borrowers with high-interest rate mortgages.� The idea would be these new mortgages would be combined into mortgage backed securities issued by the two government sponsored finance firms.�

Right-to-rent:� This is very new idea being discussed as a method to keep homeowners in their homes.� It would offer delinquent homeowners an option of renting their foreclosed home at market rates for five years.� At the end of the rental period, the owners turned renters would be given an opportunity to buy the house at market value.� This is essentially a lease with a purchase option.� The Right-to-rent program would be a compromise to keep families in their homes as bor"

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