foamposites for sale Possible Hope for Delinquent Borrowers

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The Los Angeles Times reports that lawmakers and a government watchdog on Thursday criticized the Obama Administrations loan assistance program, saying that it set up hundreds of thousands of homeowners for failure foamposites for sale. While more than 1.

1 million people began the program to receive the best mortgage rates and loan modifications, to date only 170,000 homeowners have completed the process Scottie Pippen shoes. According to the article, the program -- which was launched more than a year ago -- is designed to lower borrowers monthly payments by reducing mortgage rates to as low as two percent for five years and extending loan terms up to 40 years.

Many home loan companies stepped up to join the program foamposites for sale. For example, Citigroup Inc.

agreed to modify 2nd mortgage loans such as home equity loans barkley shoes for sale. However, with such a long list of problems -- including constant changes in the application requirements that have resulted in many borrowers still waiting to hear whether they qualify -- lawmakers are urging the government for more help.

In related news, Bank of America has announced a new mortgage modification program in an effort to help the fragile housing market. In order to qualify, the Los Angeles Times reports that borrowers must demonstrate a hardship in making current payments, be at least 60 days delinquent on the loans and owe at least 120 percent of the current home value. However, borrowers with second mortgages or home equity loans will not qualify in certain cases. Although President Obama and other administration officials have been urging banks to modify more mortgages, the requirements for benefiting from those programs were challenging. Typical methods to keep borrowers in their homes include adjusting the terms of the loan or reducing the interest rate. However, Bank of Americas new offer would reduce as much as 30 percent off the principal on nearly 45,000 adjustable rate mortgages without the need for home refinancing or other methods.

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