There is a program to take the squeeze off Mortgage Insurance Companies and Title Insurance Companies. Do you remember the sensation of losing blood when you were punched in the nose during your childhood (not that long ago)? Mortgage Insurance Companies and Title Insurance Companies have been paying money to lawyers and on Claims a lot since late 2006, early 2007.
The program to let up the pressure is not a proposal. It is operational.
However, you and your clients may never see it. You may only get the chance to read about it in online newspapers from far-away places.
The program is called the Emergency Homeowners Loan Program. It is a joint effort by the United States Government through Housing and Urban Development, and the State Governments. Therein lies a snare. Will your State Government participate or will it turn away program money to preserve Mortgage Servicers' and Mortgagees' current streams of income?
The only Homeowners who should even think about applying for the Emergency Homeowners Loan Program, where it is available, are people who:
- Have lost income during the Great Economic Collapse or because of a medical condition;
- Are 3 to 12 months behind on their Mortgage payments, interest, principal, and servicing fees hidden and disclosed;
- Are a Defendant or about to become a Defendant in a Foreclosure lawsuit filed by a Plaintiff who may or may not know who really owns the Mortgage;
- Have income below the median income of their neighbors; and
- Have what is reported to be "a 'reasonable likelihood' of resuming mortgage payments within two years."
After meeting each of these qualifications, an eligible person can receive a maximum loan of $50,000.00, hardly enough to pay down the Mortgage on any property in the high-rent district, so to speak. The loan is limited to 12 months "of overdue debt" as well.
Under the business model which existed some 30 years ago, under which Homeowners payed off their Mortgages to banks and were done, this program would have made enough profit even for the banks. Under the business model which caused the Great Collapse, and which is inexplicably still in charge of us, this program will undoubtedly be opposed by those who stand to make even more money from interminable debt followed by Foreclosures.
For the sake of the Mortgage Insurance Companies and the Title Insurance Companies, in addition to the Homeowners, this program is worth joining. You and your clients can join it, if your State Government is available to meet your needs and the needs of your clients, and of the distressed Mortgage and Title Insurance Companies.
Please Read The Disclaimer.
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