Today, President Obama announced the next steps he would like the Federal Government to take to deal with the foreclosure crisis. These steps are aimed at those not covered by the first offering, which has still not passed the Congress.
“The latest Obama proposal will provide incentives to lenders and borrowers to pursue short sales and property transfers in lieu of foreclosure. Lenders also would get incentives for modifying loans.”
The article also features another interesting tidbit: since Obama announced his first plan, only 55,000 offers to modify loans have been sent to Broward County homeowners. That’s amazing to me when 1 in 78 homes in this county is subject to a mortgage that is not paid to date.