Still Waiting On Obama's Bailout Plan To Stop Foreclosure

By Author: Nick Adama
Total Articles: 197
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I want to tell you about Obama's bailout plan, to prevent confusion and to urge people to find other solutions. The federal plan to stop foreclosure is not successful! They are claiming to have helped 200,000 people up to this point (I don't believe this is accurate, because I have yet to see anyone who has been approved, and I see 100's of cases a day), but there are still millions of foreclosures out there and many more happening every day.

In many expert opinions, the Obama bailout plan is only capable of helping people who don't actually need it. The only people who seem to be getting help are the people who would have likely saved their home either way, without the help. I think it's ridiculous that Obama is taking credit for these 200,000 saved homes, when percentage wise, the plan is a big disaster.

Before this plan was written, there was a 90 day moratorium on foreclosures, which stopped lenders from foreclosing on many properties. Everyone thought that before the moratorium ended, the bailout plan would be in effect and they would be out of trouble. This was a cruel way to give homeowners hope, since ...
... the government bailout plan was never intended to help most of them.

As the plan is currently implemented, financial guru's believe it will help less than 20% of the people who need help. Still, nowhere near 20% have received help, because many lenders refuse to cooperate. And even though many lenders claim to be participating, they don't really understand what to do or how to get a case approved. The guidelines are too confusing and they don't really understand who qualifies and who doesn't. They are just accepting applications and telling homeowners that they are "working" on the case, or that it's in "processing" and they will have an answer soon.

Then, while the borrower thinks they are getting the loan modified, the home is sold at the sale and it's gone forever! When they ask why the home was lost, "We're sorry, your case was not accepted" is the only explanation they get. Well thanks for the warning and thanks for leaving me homeless with no time to find another solution!

When a homeowner is looking for help, it's more clear than ever now, they need to find it somewhere other than the government or their lender. Foreclosure victims don't have the time, patience, or knowledge to stop a foreclosure, without professional assistance. There are a handful of lenders who will help a homeowner, but if you're not getting the help you need, you need to seek help from a professional as quickly as possible to avoid losing your home forever.
Nick writes for the ForeclosureFish website and blog, which educate homeowners on how they can save their homes from foreclosure and beat the bank. The site describes nearly a dozen ways to prevent losing a home, including filing bankruptcy, loan modification, stopping a sheriff sale, and more. Visit the site today to read more about how foreclosure works and learn how to fight back against foreclosure: http://www.foreclosurefish.com/