Homeowners Facing Foreclosure Banking on Obama
The president's new plan opens the door for those down on their digs
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Your foreclosed house could be the new Friday night hot spot -- for the executives who bankrupted you.
Joe Paz really wants to keep his condo.
He's written letters, filled out documents, and called -- and called -- again. Six months after requesting a modification from his lender, though, still no answer from them.
The massage therapist has seen his opportunity to keep working dwindle due to a shoulder injury, now his hope is the newly revamped Obama stop foreclosure plan works for him.
"I don't want to lose my home but it seems almost futile to deal with the banks right now," Paz said. "My hope is to have someone finally help me out with the loan modification."
Paz is just one of thousands across South Florida who need help from their banks. In Maimi-Dade this year, banks filed 54,000 legal claims to foreclose on properties.
The new Obama plan opens the door for homeowners whose payments take more than a third of the income, actually live in the home, and are suffering a financial hardship. You can be behind or current on your payments.
"This is going to help because it's going to get everything in motion," said Melanie Hyer, with Keller Williams Realty. "We've been really stuck and basically all of the short sell packages we send to the lender, sit with the lender."
In addition to complaints, the administration found only two percent of folks got help.
Realtors say there are also cash incentives for buyers, sellers, and banks.
"$1,500 for the borrower, for the person to actually move out of their home, we call it cash for keys," Hyer said.
Are you in dwelling danger? Visit the Home Affordable Modification Program for help.
Posted Thursday, Dec 10, 2009 - 6:07 PM EST
