I want to talk briefly about the government's bailout plan, to set the record straight and to urge victims to seek other solutions. Obama's plan to stop foreclosure is not working! They are claiming to have helped 200,000 people up to this point (I don't believe this is accurate, because I have yet to see anyone who has been approved, and I see 100's of cases a day), but there are still millions of foreclosures out there and many more happening every day.
In many professional opinions, the federal bailout plan is only capable of helping people who don't actually need it. The only people who seem to be getting help are the people who would have likely saved their home either way, without the help. I think it's crazy that Obama is taking credit for these 200,000 saved homes, when percentage wise, the plan is completely failing.
Before this plan was approved, there was a 90 day moratorium on foreclosures, which stopped lenders from foreclosing on many properties. Everyone thought that before the moratorium ended, the bailout plan would be in effect and they would be able to keep their home. This was a cruel way to give homeowners hope, since the bailout plan was never designed to help most of them.
As the plan is currently implemented, professionals believe it will help less than 20% of foreclosure victims. Still, nowhere near 20% have stopped foreclosure, because lenders are not required to participate. And even though many banks claim to be participating, they don't really understand what to do or how to receive the benefits. The guidelines are too confusing and they don't really understand who will get approved and who wont. They are just accepting applications and telling foreclosure victims that they are "working" on the case, or that it's in "processing" and they will have an answer soon.
Then, while the victim thinks they are getting the loan modified, the home is sold at auction and it's gone for good! When they ask why the home was lost, "We're sorry, your case was not approved" is the only explanation they get. Well thanks for the warning and thanks for leaving me homeless with no time to find another solution!
When a foreclosure victim is looking for assistance, it's more clear than ever now, they need to find it somewhere other than the government or their lender. Foreclosure victims don't have the time, patience, or knowledge to stop a foreclosure, without professional assistance. There are a handful of lenders who will help a foreclosure victim, but if you're not getting the help you need, you need to seek help from a professional as quickly as possible to avoid losing your home forever.
Nick publishes articles for the My
Personal Bankruptcy Lawyer website, which aims to teach borrowers how filing for bankruptcy really works. The site examines the various types of bankruptcy, how to prevent filing, and the best resources debtors can take advantage of if it becomes unavoidable. Visit the site today to read more about financial setbacks, foreclosure, bankruptcy, and more: http://www.mypersonalbankruptcylawyer.com/
