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Loan Modification Target Hit!

Success with Loan ModificationsThe U.S. Treasury announced that under the Making Home Affordable program, 500,000 trial loan modifications have been completed.  The is offsetting the number of homes nearing foreclosure which is a positive outlook on the real estate market.

There is one catch that is delaying these modifications though.  Before the loans can be reworked, the owners must submit their tax returns along with other documentation as well as make timely payments for 3 months.  Another issue that has risen is how the Obama adminstration will handle the unemployed who do not qualify for a workout.

In the meantime, a proposal is being considered to lower monthly payments to less than 31% of income while the unemployed seek new jobs.  This is a step in the right direction, but to paint the big picture for everyone, you can compare this to a blade of grass being cut in a huge field.  It’s going to be a long process and the best we can do is hope that the government realizes this a dragon they’re slaying and not a lizard.

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