Foreclosure Prevention Part II: Additional Qualifiers

Foreclosure Prevention Part II: More Qualifiers
Part 2 of the amendments is as follows…
Underneath the American Housing Rescue and Foreclosure Prevention Act each loan considered for foreclosure prevention will have to be taken on by an FHA lender reviewed on an individual basis. So the lenders in Chandler, Arizona still have the control as they can aid or hurt you in your hunt for foreclosure prevention by reviewing your credit scores, pay stubs, tax returns and other appropriate records.  This is actually no different than applying for a new mortgage! You will be required to meet a great deal of the equivalent criteria to become certified for the foreclosure prevention act.
Does that make sense? Whilst we are not mortgage banks, it would appear that foreclosure prevention is not in your prospect if you do not have a close to ideal credit score. Isn’t this in truth merely a heartless trick, rather than an undertaking of congress to help thousands of Americans?  It stands to reason that just one percent of the public looking for foreclosure prevention can qualify for this program.
An extra attention-grabbing note from this plan…
American Housing Rescue and Foreclosure Prevention Act GSE Reform (H.R. 1427) borrowers are responsible for paying a lifetime insurance premium to the FHA, which your government determined will be a hearty one and a half percent of the annual principal. Users of this foreclosure prevention act have got to also agree that if they sell their house for a profit in the future, they will split that profit with the FHA. In order to facilitate this, residence owners will pay a three percent “exit fee” of the mortgage when they sell or refinance their home if they chose to use the foreclosure prevention act. 
How useful are these amendments to the citizens in Chandler, AZ looking for foreclosure prevention help?  From the outside looking in, it would appear that the foreclosure prevention act is designed at helping the FHA be additional secure in the future, rather than serving the property owners that are searching for foreclosure prevention and trying to save their families properties. 
To sum it all up, with the deep recession that this nation is in presently and considering the significant negligence of our Gov’t with their silly programs like the American Housing Rescue and Foreclosure Prevention Act, they have failed the American public.  There is in truth no offer of real foreclosure prevention help to the people who need it most.  There is very little chance that this foreclosure prevention program will ever get to the public that can really benefit from using it.
Perhaps, with the new administration, the American public can locate a foreclosure prevention program that will truly work FOR them.  On the other hand, between now and the beginning of any gov’t plan that can actually help us, you are very much standing alone in your hunt for a foreclosure prevention system that will really work for you. 

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