Loan Modifications might work afterall ....

(Reuters) – The Treasury Department said on Friday that the number of active permanent mortgage loan modifications agreed to by banks rose 13,836 during February to 782,609 by the end of the month.

The modifications, which aim to lower monthly payments so that distressed homeowners can avoid foreclosure, were made under the Home Affordable Mortgage Program, or HARP.

It offers incentives to mortgage servicers to rework loans and is one of multiple programs the Obama administration has initiated to try to take some of the pressure of the hard-hit housing sector that continues to be a drag on recovery.

Originally, HAMP was targeted to help 3 million to 4 million homeowners but it has reached only a fraction of that number. It has been widely criticized by Republican lawmakers for not being effective but the administration said earlier this year that it was being extended for one year through 2013.

It's time to open your junk mail!!!

Federal Government will be reviewing foreclosures initiated by several banks, including Chase, Citi Bank, Wells Fargo, HSBC and a few others, from January 1, 2009 and December 31, 2010. Between 11/01/2011 and 12/31/2011, homeowners, whose homes were in a foreclosure process during 2009 and 2010, will receive letter and forms from the Federal Government. If you would like the Federal Government to review your loan you will have to fill out the required paperwork and mail it in by April of 2012. Even if you house was sold or auctioned off, or your loan settled, you will still qualify for this program!
Check out:
http://www.chicagotribune.com/business/breaking/chi-regulators-offer-foreclosure-reviews-to-borrowers-20111101,0,5471035.story

More on student loans, can I repay them?

Is it really college education really worth it? This is the question being asked by many high school graduates, along with, how will I be able to repay the student loan?
The new Obama initiative, might make it a little easier to make up your mind:

http://www.usatoday.com/money/perfi/college/story/2011-10-26/college-student-loan-relief/50942832/1?csp=34money&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsatodaycomMoney-TopStories+%28Money+-+Top+Stories%29

Are student loans dischargeable in bankruptcy?

This year along, the debt on the student loans has gone out of control. With unemployment on the rise, what are the chances that these kids will repay these student loans in the next 10 years?????
Read this article
http://www.usatoday.com/money/perfi/college/story/2011-10-19/student-loan-debt/50818676/1?csp=34money&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsatodaycomMoney-TopStories+%28Money+-+Top+Stories%29

So, to answer the question of whether or not the student loans are dischargeable, I will simply say "They are not." Although, that is not completely accurate, it answers correctly the 99% of the questions. However, there is that 1% percent of cases, where student loans might become dischargeable and believe me, you do not want to be in that 1%. To discharge student loans in bankruptcy, one has to show that he or she is suffering such great financial hardship, which will not change at any foreseen time.

So much for loan modification help, most of the money goes unspent.

http://www.usatoday.com/money/economy/housing/story/2011-10-06/foreclosure-aid-program/50680758/1?csp=34money&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsatodaycomMoney-TopStories+%28Money+-+Top+Stories%29

President Obama stated on Tuesday that "No one has an inherit right to make a profit." What happened to capitalism?

http://cnsnews.com/news/article/obama-banks-dont-have-inherent-right-certain-amount-profit

Home foreclosed, but the Debt remains. Can the bank take more than your home?

http://www.jdsupra.com/post/documentViewer.aspx?fid=7f8a1591-8dc0-419a-897d-282df870281e