Friday, February 10, 2012

Billions of Relief Money

It's all over the news this morning. The robo-signing mess has created a huge amount of money to help the housing mess.

I've read it a few different places, so will you.This link, I think, is the best one:

I could repeat everything, but really it's worth reading the article. People that were foreclosed upon erroneously may get up to $2000.00 in damages.

People that are underwater may get help with refinancing or principal reduction. 

What I like best? That your loan doesn't have to be backed by The two F's....Fannie or Freddie. They have been doing a bit of refinancing even if you are underwater. I've checked for many clients....and, unfortunately, they were not F or F backed. So this I see, as a really good thing. The 2k isn't spectacular, a drop in the bucket. But, if we can get the rest of the people that have been continuing to pay their mortgages instead of walking away, to get a principal reduction or refinance sooner than later? We'll keep more people in their homes. We all want that, don't we?

By the way? California is getting the most! 

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