A $ 25 billion legal settlement between the government, and 49 states and five of the nation's largest banks is providing more
help for struggling homeowners.
On the heels of a letter sent by the federal government to step up the mortgage loan modification process, mortgage servicers met with officials from the Obama administration and provided assurance to improve efforts to modify mortgage
loans for struggling homeowners facing foreclosure.
Many home foreclosure experts working on achieving more affordable home loan
payments for the struggling homeowners are hopeful that the stimulus package and the Obama mortgage relief bill can make a difference.
The New York Times reports that a new California law is making it
harder for struggling homeowners to hire an attorney to help them work through the mortgage loan modification process.
«We could not agree on property tax
relief for struggling homeowners but somehow we can agree that people who are purchasing yachts shouldn't have to pay sales tax in New York,» Deutsch said.
Some interesting new options appearing across the
country for struggling homeowners are the quaint, adaptable «tiny houses» — tiny little spaces that might make you compromise on what you can buy at the local furniture store, but allow for an affordable roof over your head.
According to a report in the Wall Street Journal today, the federal government has sent a letter to mortgage servicers advising them to improve their efforts to modify mortgage
loans for struggling homeowners.
For struggling homeowners and student loan borrowers, the consequences of being unable to find an affordable repayment option are severe.