The St Louis refinance industry is puzzled at the report coming from the Treasury Department stating that approximately 90,000 distressed homeowners may lose their federal mortgage funding that was made available by the foreclosure prevention programs.
But the news may prove to be much more damaging. This announcement includes the thousands of homeowners who have already modified their loans to lower payments and have paid them on time.
There are those that no longer qualify under the foreclosure prevention programs. However, the surprising news is going to be for those that lost their qualification due to earning too much money or not earning enough since entering these programs.
Taking a closer look at this program portrays a self-inflicted doom. Many are losing their qualification due to saving or putting more money into their retirement. Another words, these savings would actually put them over the limit that the government permits.
There are many who are loudly calling for the government to stay out of matters that constitutionally they have no right to enter. But to disqualify those who first qualified for funding doesn’t seem fair as well.
The problem lies not in the fact that these distressed homeowners were rightly approved for foreclosure prevention benefits after submitting all necessary paperwork, but the grim reality that they no longer have any rights to this emergency funding due to government loopholes.
It is shameful to see homeowners who didn’t commit any fraud should have to lose their homes due to situations beyond their control. And yet, the government keeps billions flowing to the very companies that have defrauded the American people and obviously do not deserve such bailouts.
But what may be a bit of good news for these displaced modified homeowners is that there are now private companies who can help them avoid foreclosure.
For example, Wells-Fargo has initiated a number of other mortgage-relief efforts that it handles on its own rather than use bureaucratic federal regulations and mandates. And as expected, many of the borrowers are currently attempting to exit these difficult federal programs and enter these private ones.
So, you really cannot blame these disconcerted homeowners from leaving this government chaos and looking for direct answers on whether they can truly keep their home or not from companies such as Wells-Fargo.
When applying for a St Louis lending loan or a St Louis refinance loan, call the St Louis mortgage experts at 877-334-0210 or 314-334-0210 and ask for Steve, Doug or Floyd Tapia, host of the St Louis Refinancing Mortgage Minute.
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Tags: foreclosure, st louis foreclosures, st louis home loan, st louis home loan experts, st louis home loans, st louis lending, st louis mortgage, st louis mortgage news, st louis refinance, st louis refinancing
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