Tag Archives: Lenders

Self Directed IRA Holders Find A Silver Lining To The Foreclosure Crisis

With foreclosures at all time highs and the stock market still not quite on solid ground, investors are focusing their activities on other markets, especially stable commodities and real estate. According to the latest indicators, it seems certain that the unprecedented level of foreclosures is set to continue even as the housing market slowly recovers. For many, it’s a tragic situation – and for others, a time of unparalleled opportunity.

There are quite a few IRA holders who are also interested in making investments in real estate given the sheer number of homes either in the foreclosure process, or already owned by financial institutions. However, traditional IRAs don’t allow the holders of these accounts the freedom to decide that they would like to take advantage of current market conditions to make investments in this very exciting market.

The answer may lie in something known as a self directed IRA, which as the name implies, is a retirement fund, which allows for the holder to make decisions about where their contributions to the account are invested – including in real estate, as president of the Austin firm Truly Self Directed, Josh Moore explains:

“Unfortunately, it does not appear that the current wave of foreclosures is going to subside anytime soon. Many investors are uncertain about the stock market and a lot of people are turning to what they know versus the unknowns of the stock market.”

“People with IRA / 401ks are looking for something they know can provide them a return on their investment – and that’s real estate. Investors who purchase real estate with IRA funds may actually be an important part of a viable free market solution to a less than ideal situation,” adds Moore.

About Truly Self Directed:
A self directed IRA such as those offered by Moore’s firm allow investors to take funds earning very low returns in traditional investment vehicles and put them to work as they see fit, including profitable sectors like real estate and development.

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US Loan Auditors aids US Legal Advisors in filing Legal Action for Predatory Lending Against American Home Mortgage

Based on the results of a forensic audit done by US Loan Auditors, US Legal advisors announced that it has filed a lawsuit against American Home Mortgage Servicing on behalf of Karen Gardner-Johnson because of our intensive forensic loan audit of American Home Mortgage Servicing documents, indicated potential mortgage loan fraud and predatory lending abuses.

US Loan Auditors aids US Legal Advisors in filing Legal Action for Predatory Lending Against American Home Mortgage

“We have conducted numerous forensic loan audits of American Home Mortgage Servicing mortgage documents and have recognized several common potential predatory lending indicators such as prepayment penalties, product steering, kickbacks, forgery, and overstated income abuse” said Jim Sandison, one of the founders of US Loan Auditors.“Many of these violations are a direct violation of the Federal Government Consumer Protection Acts such as RESPA, HMDA, ECOA and TILA.

The lawsuit was filed today in US Federal Court, Eastern District of California on behalf of Karen Gardner-Johnson. The first court date in this legal action is a Joint Status Conference. Because these cases are filed in Federal Court the Magistrate/Judge that is assigned at the time of filing the complaint will rule on all matters pertaining to this case, until this case either settles or is set for trial. The compliant calls for American Home Mortgage Servicing to stop the foreclosure based on potential evidence of subprime or prime lending abuse.

“We really want to stand up for local homeowners that may have been taken advantage of by predatory lenders” Sandison said. “We seriously hope that all borrowers who believe they may have been victimized will contact our office as quickly as possible for a free no-obligation consultation.”

US Loan Auditors is not a loan modification company, but instead, specialize in the science and art of forensic loan auditing to help victims of predatory lending.

US Loan Auditors offers a free preliminary consultation for homeowners that believe they may have been taken advantage of during their home mortgage process. Research indicates up to 90 percent of homeowners with one or more of the following loan programs: adjustable loans; pick-a- payment; or are a non English speaking or limited English speaking, or stated loan transactions, may have been victims of predatory lending.

Upon completion of the audit and verification of the abuse, US Loan Auditors (www.usloanauditors.com) forwards the borrower’s case to US Legal Advisors (www.uslegaladvisors.com), a sister Company.

US Legal Advisors is a legal services firm that acts as a liaison and case management to support the private Attorney, who will represent the borrower throughout the legal process and negotiations.

For more information about US Loan Auditors, or to get a free initial consultation for your mortgage loan, please call 888-55-AUDIT or visit them online at: www.usloanauditors.com.

Here you can see Karen Johnson’s testimonial.

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Federal Tax Credit Of $8000 If You Haven’t Owned A Home In The Past Three Years. No Money Down! 100% Financing! The Cottages At The Highlands, Grass Valley, CA

Federal Tax Credit of $8000 if you haven’t owned a home in the past three years. No Money Down!!! 100% Financing! Prices Reduced to Below Cost!!! Investor Says Sell Now!!!

The Cottages At The Highlands, Grass Valley, CA

Come and see for yourself. Compare these new homes to others in Grass Valley and you will find they are a great value. You can have a newer home in a well planned neighborhood vs. an older home or fixer upper.

In real estate, it’s location, location, location. Then Cottages are located in a quiet enclave a short walk to all the shopping and services of the Brunswick basin. In these times of high gas prices, this central location is an added benefit.

The homes are energy efficient with R-19 walls and R-38 ceilings. A solar option (additional $) is available on most homes.

The Highlands front yards are maintained by the Highlands Homeowners Association, resulting in a uniform, well kept neighborhood. Private yards and patios are screened by maintenance free vinyl fencing.

Common sense tells us that five years from now, comparable new homes will cost even more to build. What will your Cottage at The Highlands be worth then?

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Shouldn’t Foreclosure Always Be The Homeowner’s Last Resort?

Many families are in financial trouble because of a declining economy and an unstable real estate market. Numerous families are finding it increasingly difficult to pay for their mortgages and are in jeopardy of losing their homes to foreclosure*. Unfortunately, homeowners are not aware of the options that are available to them, or whom they can turn to for help.

First and foremost, a homeowner who is about to be or already is in financial distress should contact their current lender(s) to find out if there are options available for their particular situation. In some cases, a loan modification can be arranged directly with the lender, at no cost.

Regrettably, a significant number of home loans were poorly written; therefore, loan modification is not an option for a large portion of borrowers in distress. Homeowners may seek counseling; counseling is offered free of charge, by calling the U.S. Department of Housing and Urban Development, HUD, toll free at: (800) 569-4287.

Homeowners should stay away from and beware of paying any fees to ANYONE, including so called, “counseling agencies”, as they are not regulated and offer little to no help. Most states have also set up toll free numbers to counsel their residents, so check with with your State of residency.

More and more homeowners, who have been unsuccessful in getting any assistance from their lenders and/or government agencies, are turning to a CERTIFIED DISTRESSED PROPERTY EXPERT© (CDPE©), a Licensed REALTOR® who specializes in helping distressed homeowners who are “upside down” on their equity, late on their mortgage payments or who are already in the foreclosure process. A CERTIFIED DISTRESSED PROPERTY EXPERT© will see the homeowner through their distressed situation by successfully negotiating a short sale with their lender(s).

Lenders are now more willing to accept a short sale offer for a property’s true value, even if it is less than the amount owed. However, lenders are receiving thousands of short sale offers per month (most of the offers are incomplete packages that get tossed away or to the side) so a complete and well-prepared short sale offer package, sent by a CERTIFIED DISTRESSED PROPERTY EXPERT©, has the highest chance to be expedited quickly through a lender’s full log.

The end result of a short sale is minor when compared to the consequences of a foreclosure. Foreclosures have a devastating effect on credit history, job security, employment opportunities, security clearances, military and law enforcement careers, and the ability to purchase a home in the future; these are just a few examples of the damaging consequences of a foreclosure. Additionally, a foreclosure becomes public record, which is searchable by anyone, and can NEVER be removed.

We have all been bombarded lately with new creative ads, mailers, door hangers, TV and radio commercials promoting “foreclosure delay experts”. These ads are an example of how advertising is being misused to confuse vulnerable homeowners. Some ads claim to provide a service whereby they guarantee a homeowner will stay in their home for one year. Another example of how deceitful information targets already distressed homeowners. The average time for a foreclosure proceeding in Florida is in excess of 200 days, free of charge; so these less-than-forthcoming advertisers are charging money, when people need it the most, for a service that homeowners, in essence, already have.

Please do not pay, or let anyone you know pay money to anybody claiming they can stop foreclosures, including attorneys. Attorneys cannot stop foreclosures! The new “fighting foreclosures” and “foreclosure defense” ads attorneys are now broadcasting are an additional example of how the manipulation of information is being used to confuse and mislead the targeted distressed homeowner. Attorneys will “fight” a foreclosure until the homeowner is out of money. The only “defense” to a foreclosure is payment. The attorney, however, for a considerable fee, can prolong the legal process of a foreclosure until the homeowner is completely broke or all legal extensions have been exhausted. Nevertheless, in the end, the homeowner will still lose their home to a foreclosure and and face all the disastrous consequences that a foreclosure brings.

If a homeowner has the available money to pay for these deceitful services, he/she should use that money to make their mortgage payments.

If the borrower can pay the total amount owed to the lender, even up to the sale date, the lender will stop foreclosure. No one but the lender can stop the foreclosure process, and they will do so when either the homeowner pays the mortgage, bringing the loan payments up to date, or there is a successful negotiation of a short sale. These are the ONLY two ways for a foreclosure process to end. The homeowner will then be able to move on with his/her life, and in many cases, be eligible to own a new home in two years.

If you (or anyone you know) are about to miss a mortgage payment, have already defaulted on a home loan, or have been served foreclosure papers, a CERTIFIED DISTRESSED PROPERTY EXPERT© is able to help. The sooner you seek help the better but help is available even up to the last phase of a foreclosure, so please do not refrain from seeking help, because you might think it is “too late”. A CDPE© will not charge the homeowner. The CDPE© gets paid by the lender, at the end of the foreclosure proceedings, due to the successful sale of the home.

I cannot emphasize enough that no money should ever leave a distressed homeowner’s hands, ever.

This information barely scratches the surface. Mortgage delinquency and foreclosures are complex issues. Each and every case has its own unique set of facts and challenges. In most cases, homeowners are experiencing this overwhelming stress alone, without help of any kind, from anyone. It does not have to be that way. Families all around the country are in desperate need of proper guidance.

Not only do homeowners feel uncomfortable seeking the help of strangers, but a good amount of distressed homeowners might not feel comfortable asking delicate, private financial questions to people they do know. As a result, they do not ask anyone, falling deeper in trouble and are more vulnerable to scams. The Short Sales Message Board is a venue that was created specifically for distressed homeowners to ask Experienced Real Estate professionals questions, while maintaining total privacy.

A foreclosure is a devastating financial and emotional process for any family to endure and recover from and it should hardly ever happen. Foreclosure IS the last resort.

* In Florida, a Judicial State, a foreclosure happens when a lender files a lawsuit in State court against a borrower.

More Information can be found at the following web addresses:

http://www.PattyDasilva.com
http://www.hopeforhomeownersact.com/

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Sente Mortgage Home Finance Expert Kenton Brown And National Speaker Kenn Renner From Buyaustin.Com Will Present A Free Home Buying Seminar On April 16th

It is a fact that some of the greatest opportunities for buying a home are currently available based on three major factors: 1) Home Loan Rates continue to be at historic lows, 2) There is a $8000 Federal Housing credit available to 1st time homebuyers, and 3) It is a “Buyers Market”, which means there are some tremendous bargains out in the Austin real estate market right now. This is an incredible time for prospective home buyers to quit paying rent and to achieve the dream of homeownership.

Planning ahead allows potential homeowners to have the knowledge they need to get a great deal right now. Those that attend this seminar will learn the ten steps to homeownership and how they can get their $8,000 “gift” from the Government. This workshop will focus on fundamental and simple to understand concepts that empower those that attend with practical knowledge to be able to make prudent decisions when it comes to homeownership.

Two of Austin’s top real estate and finance industry professionals will present this free Home Buying Seminar on Thursday, April 16th from 6:30 to 8:30 P.M. at the Renaissance Hotel in the Arboretum. The seminar presentations will cover key strategies to help homebuyers understand and succeed in today’s extremely competitive and constantly changing market. Highlights of the seminar include:

– The 10 steps to home ownership.
– Details on the 8,000 Federal housing credit.
– Move Assistance Programs (MAP’s).
– How to Renegotiate leases and tell landlords goodbye?
– The “Truth” about mortgage financing.
– What programs are available to buy your home?
– Negotiating to get the best deal.

The workshop format will help attendees uncover their dreams, goals and visions of homeownership. This seminar will explore concepts such as how to choose a Realtor ™, Builder, or Loan Consultant and what to look for when selecting trusted advisors. It will also provide detail about the mysteries of credit scoring and how to be truly“pre-approved” so that a great deal on a home purchase can be negotiated. There will be opportunities to visit with a select group of market expert professionals both before and after the seminar.

The cost is free for the seminar.

To register online visit: www.BuyAustin.com or call/text 512-423-5626

About Kenn Renner:
Kenn Renner (BuyAustin.com) is a national speaker on the subject of real estate and goal achievement. His popular presentation “The Highway Seminar” (www.TheHighwaySeminar.com) is based on his up coming book “The Highway – Purpose, Goals & Priorities” to be published this spring. With over twenty-five years in the real estate business, he is one of the top brokers in Central Texas with over $80,000,000 in closed sales in the past three years. Kenn can be reached at 512-423-5626 (call or text)

About Kenton Brown:
Kenton Brown is Sr. Vice President of Sente Mortgage (www.MortgagesForAustin.com) one of the top mortgage companies in Austin. He is also a part of Sente Learning, (www.SenteLearning.com) which is an educational forum designed to help business professionals succeed and achieve autonomy through tactics, strategy, planning and action. Kenton offers his unique insight and perspective by tapping into his twenty-five plus years in the finance industry. He can be reached at 512-637-9900.

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As The Foreclosure Crisis Worsens, The Parsa Law Group And Its Marketing Arm, The National Loan Modification Center, Have Been Contacted By Thousands Of Homeowners Which They Have Helped Stay In Their Homes

As the foreclosure crisis worsens, The Parsa Law Group and its marketing arm, the National Loan Modification Center, have been contacted by thousands of homeowners which they have helped stay in their homes.

The Parsa Law Group provides professional legal representation for those wishing to renegotiate an existing mortgage with their lender. The ultimate goal of the service is to avoid foreclosure and keep people in their home. With the number of phone calls increasing each month, the Parsa Law Group and the National Loan Modification center recently added 10,000 square feet of extra space and nearly 50 new employees last month alone.

“It’s been a quite challenge to keep up with the explosive growth of this area of our business,” says Mike Ponzillo, Director of Operations at the Parsa Law Group / National Loan Modification Center “we are literally hiring people every week because the calls keep coming in and every single case we negotiate with a lender requires a huge commitment of staff hours and resources on our end.”

This is indeed great news for homeowners who are in dire need of help from agencies like the Parsa Law Group. What sets this company apart is that they are a group of actual lawyers who provided legal representation for their clients when renegotiating a mortgage with their lenders. Studies show that homeowners who attempt to deal with a lender without any representation fail 80% of the time.

“For me this is a mission to help as many homeowners as possible stay in their homes. It’s such a shame when we see so many people that were taken advantage of with loans that were not explained to them fully or when you have someone that is about to lose their house and entire life’s savings because someone lied to them outright, or because they lost their job, or are simply going through rough financial times like so many other Americans. With the banks out to save themselves with billions in bonuses, and refusing to free up credit markets with the bailout money, a line has clearly been drawn, and we have chosen to be on the side of struggling homeowners.” said James Parsa, Lead Attorney at the Parsa Law Group / National Loan Modification Center.

While assistance from the government seems less and less likely, it is certain that more and more homeowners will reach out for help and the Parsa Law Group has proven to be more than ready.

The Parsa Law Group together with its marketing arm, the National Loan Modification Center, is the Nation’s Leading Legal Loan Modification Provider, with thousands of homes saved. With an on-site team of attorneys and professionals that fight to save homes from foreclosure, reduce mortgage payments, and hold lenders accountable for unfair or fraudulent loans, the Parsa Law Group is the staunch legal ally that struggling homeowners need in these difficult times.

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Housing Rescue Plan, LLC offers several loss mitigation options for homeowners facing financial hardships such as unemployment, separation or divorce, medical bills, reduced income, job relocation or others

The loss mitigation options H.R.P., LLC will discuss with you include: loan modifications; VA loan modifications; short payoff (short sale); deed in lieu of foreclosure, repayment plans, partial claims for FHA mortgages and special forbearance agreements. The H.R.P., LLC team will work in conjunction with you and your lender to come up with a plan of action that works for both sides. The best part is you may be able to work out an agreement with your lender that will allow you and your family to stay in your home. The H.R.P., LLC office is run and operated by Dr. Michael W. Cantrell, Sr. creator of the Federal Housing Recovery Plan. Dr. Cantrell has a 95% success rate negotiating with lenders.

Are you behind in your mortgage payments; by how many months? One, three, six or more? Have you been presented with a Forbearance Agreement that just doesn’t feel right? Or is your bank threatening foreclosure? There is help. Visit the closest H. R. P. office for your FREE consultation.

Foreclosure may not be the answer. You shouldn’t have to just give up the fight for your home that you worked so hard to purchase and hold on to. There is another option that your bank may not be forthcoming in talking to you about. It’s called Loss Mitigation. The Housing Rescue Plan, LLC specializes in loss mitigation services.

Housing Rescue Plan, LLC offers several loss mitigation options for homeowners facing financial hardships such as unemployment, separation or divorce, medical bills, reduced income, job relocation or others. The loss mitigation options H.R.P., LLC will discuss with you include: loan modifications; VA loan modifications; short payoff (short sale); deed in lieu of foreclosure, repayment plans, partial claims for FHA mortgages and special forbearance agreements. The H.R.P., LLC team will work in conjunction with you and your lender to come up with a plan of action that works for both sides. The best part is you may be able to work out an agreement with your lender that will allow you and your family to stay in your home. The H.R.P., LLC office is run and operated by Dr. Michael W. Cantrell, Sr. creator of the Federal Housing Recovery Plan. Dr. Cantrell has a 95% success rate negotiating with lenders.

Dr. Cantrell has over 19 years of mortgage experience in various roles. He, together with his team of trained counselors are available now to talk to you about your current housing situation. Your initial consultation is free. Visit www.housingrescueplan.com for more information and an online application to get started today. Housing Rescue Plan, LLC is working with homeowners, keeping the American dream alive. We currently help people in trouble in all 50 states.

Dr. Michael W. Cantrell, Sr. can be reached on
michael@housingrescueplan.com
(888) 880-9997 ext. 5921

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250,000 new families will enter foreclosure every three months according to the Mortgage Bankers Association

Over 60% of those families don’t know about services and options that mortgage lenders offer to help avoid foreclosure.

Most homeowners try and get refinancing for their home loan if they fear foreclosure. Others try to negotiate a “short sale” or just accept the foreclosure and walk away. Many homeowners have never heard of loan modification, a legal process that a homeowner can use to renegotiate loan terms with the current lender to reflect current financial circumstances.

“The people I’ve worked with in the past either don’t know what loan modification is, or they believe loan modification requires a high-priced specialist,” said Troy Fullwood, creator of the Loan Modification Toolbox. “Most homeowners could do it themselves if they just get access to the information,” he added.

Most or all of the fees associated with loan modification can be rolled up into the new balance according to HUD guidelines. Because loan modification doesn’t usually require upfront fees, it’s a viable option for cash strapped families.

Considering that a home is the largest investment most people will ever make, the opportunity to save that investment offers a lifeline to many affected by recent market trends.

The Loan Modification Toolbox was created by Troy Fullwood to offer a loan modification roadmap and information at a fraction of a specialist’s cost. The Loan Modification Toolbox, offers step by step plans, necessary forms and lender negotiation requirements to homeowners trying to stop foreclosure.

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Kenn Renner Top Austin Realtor begins a series of real estate finance and foreclosure seminars in Austin Texas

On Saturday, October 25th national speaker and Austin real estate expert, Kenn Renner, will be presenting a free real estate finance and foreclosure seminar at the Brockton location of Amplify Credit Union (formerly IBM Credit Union). The seminar is part of Amplify University’s on-going educational series. The two part seminar will focus on the current status of the mortgage market and investing in foreclosures.

Kenn will discuss how the “credit crisis” has affected lending policies, interest rates and the availability of funds. He will separate fact from fiction and dispel many of the falsities that the national media has purported. The truth is that banks “are” lending and those that want to buy in today’s buyers market can get the financing they need – especially first time home buyers. Austin’s strong economy will be discussed and how it has been relatively sheltered from the housing crisis that has hammered other parts of the Nation. Part II of the seminar will focus on foreclosures, short sales, REO’s and HUD Repos. Strategies for capitalizing on some of the best real estate bargains in recent history will be covered in detail. Case studies and actual foreclosed properties that are available right now will be discussed. The seminar is free and Kenn will be giving away copies of Gary Keller’s (Keller William’s CEO) best selling books from his “millionaire” series. For first time home buyers Kenn will be providing free copies of “Your First Home – A Proven Guide to Home Ownership” ($20 Value). Previous seminars and presentations can be found at Kenn’s video site austinhomevideos.com and at Kenn Renner’s Youtube video channel.

Seminar information:

Where: Amplify Credit Union
2608 Brockton Drive
Austin, TX 78758
(Brockton @ Burnet)

When: Saturday, October 25th, 1 P.M.
Cost: Free

To register for the free seminar – visit http://www.buyaustin.com

About Kenn Renner:
Kenn Renner is a top selling Austin realtor and national speaker on the subject of real estate and real estate investing. He is a frequent guest expert on local and national investment radio shows. His twenty five year career has spanned three states including Alaska, California and Texas. In the past three years, Kenn has closed over $80,000,000 in home sales. He has been featured on several episodes of HGTV’s #1 rated show “House Hunters”. Kenn lives with his wife and two children near scenic Lake Travis just outside of Austin.

 

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USSA1, a Florida based real estate and mortgage business is online with their new website at ussa1.com

Florida consumers can take advantage of a library of real estate and mortgage articles along with services to assist them with refinancing, loan modification, distressed properties, title services, document and loan processing and short sale information and negotiation.

Businesses in Florida can avail themselves to USSA1’s services that range from mortgage processing and compliance auditing to document management and title services.

With a staff of qualified and trained professionals USSA1 is dedicated to providing its clients with quality and professional services. Their experience and expertise has enabled them to negotiate the best options to help consumers resolve their financial needs and make intelligent decisions about investing in the Florida real estate market.

Their business to business services are backed by a solid foundation of maintaining equitable relationships with their partners and helping businesses to offer the best in mortgage and real estate services to the general public.

The website design is very user friendly and is set up to provide solutions for consumers and businesses. It is broken down into four areas: Why Use Us, What We Do, Free Access and Get in Touch. Why Use Us provides the latest information and professional services for consumers, lenders and brokers as well as Realtors.

“Clients will find a number of free member benefits from publication information, article searches, document locations and more in the Free Access pages of the website” said Regina Rivard the Operations manager.

USSA1’s What We Do pages showcases materials and information businesses need to help their clients handle all of their real estate and mortgage functions.

Members will be able to reach a USSA1 professional via email, phone, fax and live chat on their Get in Touch page.

Their website also has a blog that allows for clients to interact with professionals and stay up to date on the latest real estate and mortgage trends for the state of Florida.

The consumer services are designed for non-professional and do-it-yourself real estate investors, providing information about short sales, foreclosures, loan modifications, refinancing, title services and Realtors in cities throughout Florida while their business services seeks to help professionals provide their clients with better service as well as the latest changes in the mortgage and real estate industries.

With corporate offices located in Apollo Beach, Florida, USSA1 serves the entire state of Florida with the promise to increase client benefits and show value in all the services they offer. Their services, along with a dedicated staff, produce some of the best results in the real estate and mortgage industries throughout the state of Florida.

About USSA1

USSA1 is a Florida Company with more than 35 years of experience working with banks and mortgage companies. Our experience and expertise allows us to negotiate the best options to help resolve consumer’s financial needs.

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ThinkMoney welcomes the Government’s new housing rescue package, but have commented that it is not a complete solution to the trouble the housing market faces

Following the announcement of a new Government housing rescue package, financial solutions company Think Money commented that while it is a welcome help to many homeowners, it is by no means a complete solution to the trouble the housing market faces.

The new measures, according to the Government’s News Distribution Service, include:

• Offering 10,000 first time buyers currently frozen out of the mortgage market the chance to get onto the property ladder through a new £300m shared equity scheme;

• Supporting up to 6,000 of the most vulnerable homeowners facing repossession to remain in their home through a £200m mortgage rescue scheme;

• A £400 million boost in spending power for social housing providers, including registered social landlords and councils, to deliver 5,500 more social houses over the next 18 months by bringing funding forward;

• Working with Regional Development Agencies to support the most critical regeneration schemes with the most potential to transform their communities.

Melanie Taylor, Head of Corporate Relations at Think Money, commented: “The housing rescue package is targeted at first-time homebuyers and those who are facing the possibility of repossession – the groups who need it most of all.

“The shared equity scheme should help to kick-start the housing market for first-time buyers, who may have been previously unable to obtain a mortgages, and this may push up house prices as demand rises. However, there is still the possibility that many would-be homebuyers might still want to wait until house prices begin to recover.”

“It also needs to be considered whether the scheme to help households facing repossession will truly put them back on track, or if it is just delaying the inevitable for people who are struggling with repayments.”

Taylor continued that while the housing rescue package has its obvious benefits, a large part of the housing crisis remains unaddressed.

“There is still something of a middle ground, in which existing homeowners – many of whom are still greatly affected by the housing market slump – find that their situation has not changed much at all. Many will still find it hard to sell their homes, meaning prices may continue to fall, and mortgage rates could still rise.

“On the whole, the package fails to address the underlying causes of the housing slump – in particular, low supply of mortgages and tight lending criteria. While this remains the case, a large proportion of homeowners will continue to suffer. It’s also a relatively short-term measure – once the scheme finishes, we may well find many households in similarly difficult situations, unless the mortgage market itself improves.”

ThinkMoney are a financial solutions company based in Salford Quays, Manchester. They specialise in a wide range of debt advice and solutions, including debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements).

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