New Foreclosure Prevention Plan Announced

President Obama is announcing an expansion of foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers.


The bulk of the responsibility for carrying out the new program will be assigned to the Federal Housing Administration, which will insure lenders against part of the losses.

The plan asks banks to write down loan balances to less than the value of the home. If there is both a first and second mortgage, the combined total would have to be no more than 115 percent of the home’s value.

The Treasury would pay part of unemployed homeowners’ loans for three months while they job hunt.

Source: The Wall Street Journal, Nick Timiraos and James R. Hagerty (03/25/2010)

If you are starting your search to buy now or in the future, why not search like a realtor. Sign up for listing book, a free service I provide with no strings attached. Here is the link: http://a107021.listingbook.com/.



If you would like information on Buying, http://www.cribbinrealty.com/buying.asp,

Selling, http://www.cribbinrealty.com/selling.asp, 1st Time Buying http://www.cribbinrealty.com/selling.asp


click on the appropriate link on my website http://www.cribbinrealty.com/.


Want to more about Short Sales check out http://www.shortsale-consulting.com/


Want to check out some Foreclosures or FSBO’s? Visit my website: http://www.cribbinrealty.com/

What did the house down the street sell for? Want to know call me or visit my website at http://www.cribbinrealty.com/


If you would like to know what your homes current value is check out Market Snapshot on my website http://michaelcribbin1.topproducerwebsite.com/market-snapshot.asp or just call me at 636-294-6061.


Remember “Cribbin Realty” Where Performance Outsells Promises