Help is on the way for homeowners but investment owned properties are not included in the aid. Struggling families that are fighting to keep their homes will likely fit into the government's newest plan to restructure mortgages in an effort to prevent even more foreclosures, which they say could reach 10 million in the coming years.
Government controlled mortgage companies such as Fannie Mae, Freddie Mac, JPMorgan Chase & Co, Morgan Stanley and Bank of America Corp have announced that they are halting foreclosures through March 6, 2009, to revise their effort to stabilize the financial system. Citigroup Inc. said it will extend it's halt until the administration has completed details of the loan modification program or until March 12, 2009.
Trying to figure out who would qualify for these loan modifications That would be a challenge as foreclosures continue to climb. To give you an idea of what' going on here, at least 274,000 households have received at least one foreclosure related notice in January 2009.
Is this the plan that's going to finally work? Or is it just talk? We'll find out in a few weeks. It feels like a roller coaster that we are on...Hang on, we're heading up, but will be going back down in March? It's anyone's guess...
