Slow Start to U.S. Plan for Modifying Mortgages

The NY Times says Washington is off to a slow start:
So far, two months after the program went into effect, about 55,000 homeowners have been extended loan modification offers, according to a senior administration official. At the same time, foreclosures continue apace. RealtyTrac reported Wednesday that foreclosure filings reached 342,000 last month, up 32 percent [...]

Should the Government Subsidize Mortgage Modifications?

Should the government be bribing mortgage servicers to modify loans and reduce payments?
Under the current housing plan, the federal government pays for one-half of the cost when lenders reduce mortgage payments to 31 percent of borrower income from 38 percent. When this plan was revealed, I was relieved because it seemed so much more reasonable [...]

Foreclosure Prevention Plan Expanded to 2nd Mortgages

The Obama administration unveiled an expansion of its $75 billion foreclosure prevention plan yesterday, providing new subsidies to mortgage lenders and investors.
Under the expanded plan, some homeowners could see their payments fall significantly and the interest rate on their second mortgage pushed down to 1 percent. The announcement comes nearly two months after the administration [...]

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The areas of law I practice in include real estate & mortgage law, business, and also personal injury litigation. My firm has been successfully been in business for the past eight years in Florida and Los Angeles. Defending consumers rights and especially those of homeowners through negotiating [...]