The presidential election is here. For many Americans, one of the most important issues or news of the day is foreclosure mediation and foreclosure news. Many homeowners feel that the fate of their home could be determined by what type of foreclosure mediation or loan modification programs the next administration offers.
This is a discussion of the facts about each candidate’s platform so homeowners can make a clear, unbiased distinction between the two candidates. The following information covers key loan modification and housing messages and plans communicated by each candidate, Mitt Romney and Barak Obama:
Foreclosure Mediation: MITT ROMNEY’S PLAN
Mr. Romney believes a healthy economy is the key to a healthy housing market. His foreclosure mediation plan (as it has been laid out by the Romney campaign) will result in more jobs and higher income for Americans, which will create more demand for housing raising prices. Once in office he plans to:
– Responsibly sell the 200,000 vacant foreclosed homes owned by the government
– Facilitate foreclosure foreclosure mediation alternatives for those who cannot afford to pay their mortgage
– Replace complex rules with smart regulation to hold banks accountable, restore a functioning marketplace and restart lending to creditworthy borrowers
– Protect taxpayers from additional risk in the future by reforming Fannie Mae and Freddie Mac
* Source: www.mittromney.com
Foreclosure Mediation: BARACK OBAMA’S PLAN
The Making Home Affordable Program (MHA) is the key element of the current administration’s strategy to help homeowners mediate foreclosure and improve the stagnant housing market. Several programs fall under MHA, established to assist homeowners who are struggling to cover mortgage payments for various reasons. Here are two examples of MHA’s current programs:
– The Home Affordable Modification Program can help employed homeowners mediate foreclosure and lower their monthly mortgage payments if they meet certain criteria.
– If homeowners owe considerably more than the current value of their homes, the Principal Reduction Alternative is designed to encourage lenders and mortgage servicers to reduce the amount they owe.
The American Recovery and Reinvestment Act, which was signed in 2009 by Obama, aims to create new jobs and spur economic activity and long-term investment growth. Moving forward, Mr. Obama would like the Act to expand support for homeowners, creating more affordable housing, increasing public housing funds and establishing other homeowner protection programs.
Foreclosure Mediation Attorneys
For more information about each candidate’s stance on housing, please visit the sources listed above. If you are currently facing mortgage difficulties, please contact our foreclosure mediation attorneys at McFarlin LLP right away at (888) 728-0044. We’re here to help.