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Obama foreclosure relief plan falls flat, says Congress.

Federal foreclosure relief programs fall flat

by Jason on April 14, 2010

Here’s something most of you already know: federal government programs designed to help homeowners stave off foreclosure just aren’t working. A Congressional Oversight Panel investigating foreclosure relief programs found that the programs are almost universally disappointing:

  • Only 1 in 6 homeowners in foreclosure crisis have been helped.
  • Only one million families will lower their payments through this plan, out of six million current and expected foreclosures.
  • The $75 billion allocated for foreclosure relief gets paid mostly to mortgage investors, not homeowners, but only if the investors lower monthly mortgage payments for borrowers
  • Programs created more than a year and a half ago are still not fully implemented.

This sad, but not unexpected, failure of government relief programs underscores why most homeowners facing foreclosure should seek the assistance of a licensed attorney who understands how foreclosure works. Don’t be part of the 5 million families that won’t get help,

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