Mortgages Made Simple with Rick Gundzik

Tuesday, August 4, 2009
Hope for Homeowners, is it working? - August 4, 2009
We had a couple more listener questions and we like to keep up to date on them since it's a good indication of what the public thinking is today and we like to treat you well since we care what you think. Mortgages Made Simple logo

The first question was "Can a lender pursue a homeowner for the loss they incur on a short sale?" The short answer is No and certainly not in this current recessionary environment.


The second question was "Is the Hope for Homeowners act working?" Unfortunately, No. It was rumored to have helped 1 person, that's right ONE. The lenders really haven't come up with a quick way to modify loans. They put most people through an entire qualifying process, HELLLLLLOOOOOO, most people don't qualify. Until they just modify their entire loan portfolios we still have some pain ahead. The Making Home Affordable plan, launched this Spring is having much more success, but it's still slow.



If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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