St Louis Mortgage and Real Estate News –
St Louis Loan Reduction and In-House Financing News: Higher Profits From Mortgage Foreclosures Threaten The Use Of HAFA Loan Modification Programs
Customer Financing | St Louis Home Mortgage and Commercial Loans | 314-334-0210 | Floyd Tapia, St Louis Commercial Mortgage and Consumer Finance
The latest news regarding the national bailout effort is that as of April 2010, the U.S. Treasury Department is paying companies that collect mortgage payments and examine pleas for assistance a $1,500 stipend for approving the sale of homes for amounts less than the loan balance. This is known as a short sale.
These same servicers would also get $1,000 for each loan modification completion under the government’s modification program and additional stipends over a period of three years if borrowers stay current on their new mortgage payments.
The problem that most St Louis mortgage experts are concerned with is there’s not enough incentives or time to save the majority of the 4.6 million U.S. homes that have loan payments more than 90 days overdue. This is why more homeowners are turning to St. Louis loan modifications and various other means to raise their credit scores such as customer financing and in-house financing by St. Louis businesses.
The payouts provided by the Obama administration’s bailout programs don’t come close to what (more…)
