Thursday, June 24, 2010

Remember That Foreclosure Prevention Aid? Well, It's Finally Arrived!

Remember when President Obama announced that foreclosure prevention program when visiting us back in January? Well, it's finally here, and we're getting $102.8 million. So what again will be happening?

The $102.8 million for Nevada is set to be used in this way:

· Nevada will create a mortgage modification program using a combination of forgiveness and forbearance with a goal of reducing principal to less than 115 percent of loan-to-value and lowering payments to 31 percent of debt-to-income.

· The state will also offer assistance to reduce/eliminate second liens with earned forgiveness over a three-year term.

· The state will provide allowances for appraisal and transaction fees, moving fees, a legal allowance for up to three months,and a combination of incentives for borrowers and servicers to facilitate short sales.

This help was long overdue, but thankfully it finally came.

But of course, since it was Harry Reid and Dina Titus that worked on making this program happen, the GOoP crowd is crying foul. Reid and Titus work on a program to help Nevadans, and when it happens they bash them and make accusations... Only for the next day to hear them say, "These Democrats don't do anything for Nevada". So which is it?

And of course, they're calling it everything from "welfare" to "socialism" to "bribery"... And calling the people about to receive this aid "lazy bums". Remember that saying, "Judge not, lest we be judged"? These people needing help to avoid foreclosure were just like us not that long ago, people who had "stable jobs" and people who thought they did everything right in investing in their homes in a "HOT, HOT, HOT HOUSING MARKET!" Hardly anyone saw The Great Recession coming, and for too many people these circumstances (losing jobs, losing other sources of income, going underwater on the mortgage) were out of their control.

So don't say "no big government", then whine about "government inaction". If everything were left to "the free market", we'd all be dead and Las Vegas would be dead. Oh wait, that's right... The GOoPers nominated that Obtuse Angle lady who makes no sense. Whatever.

Thanks to people who realize what struggling Nevada families need right now, we're getting some help. And hopefully more homeowners can save their homes.

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