Hawaii
steps up efforts to counsel underwater borrowers, while Illinois is
set to forestall banks while HAMP procedures are underway.
Hawaii receives a further $204,mbt vendita,000
for distressed borrower counseling
Illinois is set to put HAMP ahead
of foreclosure judgments
Keeping people in their homes
is good for families, and communities too
The State of Hawaii has
just been granted a further $204,000 from Washington to help avert
foreclosures. Thats good news for the citizens of the Aloha State.
The Hawaii Finance and Development Corporation under Executive
Director Karen Sneddon will be working with non-profit organizations
to turn this into reality for those distressed home owners in need of
counseling or more.
The funds come from the National
Foreclosure Mitigation Counseling Program, whose grants have already
helped over 800 Hawaii families stay in their homes since February
2009.
Honolulu foreclosures jumped 24%
between 2009 and 2010 first quarters to hit 1,564 this year not
good compared to the national average of 16%. Yet Honolulu was still
way back off the lead in position 110 with just 1 out 216 housing
units foreclosing. This compares well with league table leader Las
Vegas that saw I in 28 in trouble, but badly with many other metro
hubs that posted improvements.
Meanwhile back in Springfield,mbt scarpe, Illinois
draft legislation aims to prevent foreclosures completely at
least as long as distressed owners are seeking help from HAMP.
Those attempting to come to an
agreement with a mortgage company during the foreclosure process
should not have their home sold out from under them, said State
Representative Al Riley,http://mbtvendita.webs.com/, whos spearheading the Bill in association
with Senator Maggie Crotty. This federal program is giving
hope to many people who otherwise would have no way to keep their
homes. We should provide these homeowners time to figure out a
solution that lets them stay in their house while continuing to pay
off their mortgage.
Illinois House Bill Nr. 5735 will
require Illinois Courts to defer judicial sales for as long as
distressed households are negotiating assistance under HAMP. The
underlying objective of the Draft Bill is to re-stabilize the local
housing market by empowering households to obtain more affordable
loans.
Keeping people in their homes is not
only good for the families that would otherwise not have a place to
live, it also is good for our communities as a whole, Riley
believes. Empty houses lower surrounding property values and can
create a feeling of despair for entire neighbourhoods,http://mbtscarpe001.webs.com/. Helping
homeowners will strengthen the economy and put our communities on the
path of recovery,http://mbtprezzi.webs.com/.
Bill 5735 passed the Illinois Senate
unanimously on Tuesday the measure now just needs approval by the
State Governor to carry the full weight of the law.