The Obama administration is announcing incentives today for mortgages servicers to modify home equity loans and other second mortgages.
Servicers must agree to modify second mortgages when the first mortgage has been modified. They must extend the term of the second mortgage and match the rate of the first mortgage. Then the government will share the cost with the servicer of cutting the rate to 1 percent for amortizing loans and 2 percent for interest-only loans.
Under the program, the government will pay mortgage servicers $500 upfront and $250 a year for three years for the modifications. Borrowers will receive payments of up to $250 a year for five years if they stay current on the modified loan.
There will also be a schedule of incentives for holders of second liens to drop their claims altogether.
The Department of Housing and Urban Development and Treasury will make the announcement jointly.
Bank of America, Wells Fargo, and JPMorgan Chase have already agreed to participate in the program.
A separate announcement will include changes to the Hope for Homeowners program, which helps homeowners refinance into more affordable government-backed loans. To get this program moving, the administration is announcing a $2,500 upfront payment to servicers. Lenders will receive $1,000 a year for three years if the loan stays current.
Source: The Wall Street Journal, Jessica Holzer (04/28/2009)
Sat, Sun May2 &3 rd 1-4PM
Beat the heat and come view my cool homes!!!
There will be cold drinks (water!), give aways and a great tour 🙂
463 East Ontario Ave, Atl GA 30310, Sunday May 3rd 1-4PM
580 Holderness St, Atl GA 30310, Saturday May 2nd 1-4PM
The link is up- purchase your tickets now because tables are going FAST for the Wrens Nest concert! www.AtlantaWestEnd.com
This year we’ll have artist Maria Howell and the 4th Ward Afro Klezmer Jazz Orchestra! We are honored to be able to recruit such talent and I look forward to enjoying them Friday (May 1st) night over a lovely picnic dinner.
Also May 2nd & 3rd tour some of our beautiful 1920 Craftsman Bungalows, Brown Middle School as well as the office of Watkins Funeral Parlour…come see the untouchable original as well as some restored details.
Then, lastly come by to view my homes for sale! I will have 580 Holderness St and 463 East Ontario Ave open to tour!! -Bring a friend- I have the paper for offers 🙂
and I’ll report on every neighborhood problem I can think of!
This site: http://peds.org/ is awesome for reporting any and every pedestrian hazard! I’ve already reported on burned out street lights, cross walks, sidewalks and now utility lines that are down! Take advantage of technology- the forms are simple and short. REPORT! so we can get them fixed and have a better/safer community!
I must admit, walking more and now bike riding, has allowed me to notice and empathize with those who are without a car and those who preference public transportation. Our side walks are JACKED UP!! Now, I come from a walking city (Brooklyn-NY) but I have never experienced the exhaustion I feel here, when I walked from West 4th St. to Central Park! Atlanta’sblocks not only seem VERY LONG- they are sooo hilly!!! Compound this will broken pavers, tree roots and grass- it’s enough to make anyone want to stay home…-and you know I can not stay home in this market! 🙂
With that said, I urge all City of Atlanta Residents to follow the below link and view the petition, sign if you are in agreement. Thank You!!