Business

Help for borrowers
by kristina leskova

Housing area is one of the areas that is still in recession. Even if there are steps trying to improve this area, we can not talk about big improvement. There are many people who are not able to pay their loans but they need to have some home. That is why American president Barrack Obama came with plan how to help them. His plan reached one in five eligible homeowners but most of these borrowers are still on temporary plans. That means that nothing is final they will be investigated. More than 20 percent of borrowers signed up for this investigation which could last up to five months. But the people want to solve their situation; they are open to any solution. And this is t! he most important thing. Even if many of them do not have money to pay for the loan but they try to speak with people who can help them. They need some modifications that would reduce their monthly payments. But this is a long process because there are needed many documents. For example at the beginning of September only 1700 permanent modifications has been made. In California about 130 000 homeowners have signed up for the Obama´s plan. The aim is to help people who were for example two payments behind or in foreclosure. But anyway to reach any modification is a big battle. Obama´s plan is to help three or four million borrowers in the period of three years. But the economists are pessimistic they think that it is not able to reach this plan.

related story (sgx15867): http://news.yahoo.com/s/ap/20091110/ap_on_bi_ge/us_foreclosu...

by kristina leskova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 2:56 PM