Hope Now Alliance Helps Foreclosure Victims
May 21st, 2008
Hope Now Alliance is doing the best it can to help foreclosure victims. It was started off the White House last October. Last week it stated that the organization has already helped more than a million foreclosure victims, enabling them to continue to stay in the houses that are their homes. But critics are skeptical about the long-term benefits.
With foreclosures continuing to be on the rise, there is pressure on for the government to take on broader measures. The industry is expected to respond more positively to the problem, say community group representatives as well as some member of the Congress. John Taylor of National Community Reinvestment Coalition cryptically comments that a lot of hope has been generated but not much effect has been seen. There has been a lot of exaggeration about the impact but the harsh reality is that foreclosure numbers are galloping ahead without restraint.
New evidence shows that delinquencies numbers are at an all time high since the last 23 years during the first quarter of this year. The delinquencies occur when the borrower fall behind more than 30 days in mortgage payments. Inevitably it leads to the lender sending a foreclosure notice During the final quarter of 2007, house foreclosures were at an all time high according to figures released by Mortgage Bankers Association.
Falling real estate prices further impeded the borrowers. They are unable to modify loans, as the value of the property mortgaged is more often than not less than the loan amount. According to reliable figures the prices of houses fell by 8.9% during the last quarter of 2007. Thus the equity of American houses have fallen below 50% since 1945 – when records first began to be kept, said the Federal Reserve. Economists are pessimistic that figures will further tumble. Moody’s Economy.com calculates that 8.8 million houses or nearly 10.3% of houses in the country will have 0% equity by the end of May. About 13.8 million houses amounting to 15.9% will go ‘upside down’ of prices fall below the peak of 20%. The general picture is that foreclosure pace will remain high as loans sanctioned between 2005 and 2006 will now begin to reset to higher rates. These loans were peddled on the assurance that the value of the house would rise and the borrower would be able to repay the loan after making a neat profit. But the reality has been just the opposite.
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June 23rd, 2008 at 12:31 pm
[...] is renewed hope from Hope Now for foreclosure victims. This alliance consists of a medley – lenders, servicers, investors and counselors. It is a kind [...]
September 1st, 2008 at 9:11 am
[...] of the tragic foreclosure victims is Ericela Bolin. Her grandfather had constructed the house in Imperial Valley close to Mexico’s [...]
October 10th, 2008 at 1:54 pm
[...] pious platitudes and sugary talk about helping foreclosure victims, there is no doubt that the group is up to their old tricks. They are creating fear that leads to [...]