She also laid out a plan to help curtail predatory lending.
2. Requiring that mortgage brokers be registered with the Federal Government and that the states and the federal government work together to develop stricter and stronger licensing regulations aimed to stop brokers from steering people to high cost mortgages that they cannot afford, thereby leading to more foreclosures. The national registry will enable the public to look up a broker’s history to see if there have been any violations or complaints.
3. She would also eliminate the prepayment penalties that prevent a borrower, especially one who has a variable rate or other unconventional mortgage, from paying it off when the rates are low. These types of mortgages that lock people in and have large balloon payments tagged onto the end, are responsible for more than half of the foreclosures nation wide.
4. Make it a requirement that all the costs including taxes, be included in the estimate of monthly costs that the mortgage broker gives to the borrower.
I will be following any future developments and will definitely keep my readers informed on any aid or grants that are available to people who are trying to avoid foreclosure and save their homes!
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I have missed 2 mortgage payments and now my loan has ajusted and will go to 10,000.
per month. Gmac is willing to lower my interest rate but I need it lower enough to afford to stay in the housse. 6/2 % is not good enough. I started working with a modificator at Oceanview investments and they want 10,000. to do the deal with most up front and they will not give me a “work order until that money is given to them?”
Can you help. I need 31/2 percent rate and do not want to go into foreclosure.
Thankyou
Can you help
You are retarded. Yesterday was your day. Congratulations on not losing your helmet.
What I meant to say was…. you are delusional for requiring an interest rate at 3 1/2%. You were lucky to be given a rate at 6%.
JSYK