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WASHINGTON – Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out.
The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday's report from the Treasury Department suggests the $75 billion government effort is failing to slow the tide of foreclosures in the United States, economists say.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to foreclosure listing service RealtyTrac Inc. Economists expect the number of foreclosures to grow well into next year.
"The government program as currently structured is petering out. It is taking in fewer homeowners, more are dropping out and fewer people are ending up in permanent modifications," said Mark Zandi, chief economist at Moody's Analytics.
After trying for almost a year and a half to do the right thing, I'm about to tell 'em that the key is under the mat and they can have the frikkin' place! I'm willing to bet that had I been a minority with no prayer in hell of maintaining ANY mortgage, I would have been approved and entered into a program within weeks!
So when the time comes to foreclose on the loans the actual lender is difficult if not impossible to ascertain. So, you many ask...how does this benefit me? One of the things you can do when facing foreclosure is to demand that the bank show you the original note, in other words proof that they own your home. They have to prove that they OWN the note (your home). A bank cannot take your home if they have no proof of ownership. This tactic has worked with people who have been sued by credit card companies. The debt from a credit card company has been bought and sold so many times that in many cases the collection agency has no legal proof that they own the debt or that you owe the debt. Without that proof they are NOT entitled to collect it from you