Daily Real Estate News

The Obama administration’s foreclosure prevention plan is struggling even with $75 billion to spend.

The program has been mired in legal and administrative glitches:

• The biggest problem so far is the confusing paperwork that has flummoxed and overwhelmed loan servicers. Many servicers are only now able to roll out their version of the program. That has limited the number of distressed homeowners enrolled in the program to about 55,000 instead of millions.
• The second issue is angry investors who are lobbying hard and in some cases are suing to prevent changes to agreements that will cost them significant amounts of money.
• The third problem is rising unemployment. No loan modification can help when a borrower doesn’t have a job.

Source: CNNMoney.com, Tami Lubby (05/18/2009)

Scott Chappell and Brian Bean
Real Estate Brokers
http://www.scott-brian.com/
http://www.orangecrestriversidehomes.com/

Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula