Buy a Foreclosure with a New Government Program

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We're in the neighborhood spirit business in a way. Our clients hold yard sales. So, we are in the trenches and we beat the streets with actual homeowners on most weekends. The NPS program sounds like a good program on the surface, but there is a lot of red tape if I am not mistaken, plus deed/resale restrictions for a period of time. I know of many projects that sold back in 2009. So, it each his or her own. If you can live with the restrictions and get through the red tape, you should be ok.

YardSales.com of VA 10:43PM June 23, 2011

If you think the above is a very disheartening you should try to get help with the Obama Home Affordability Act Program. I sent 52 pages of paper work, that they requested which took 2 weeks to pull together, over 2 months ago. After approx 8-10 call later they still want more information.....It also states at the beginning of the "Obama Home Affordable Program" web site "Chase is attempting to collect a debt, and any information obtained will be used for that purpose." This tells me that if you can not continue to pay your mortgage they now know what you have because you have told them, that they can now foreclose on you and attach the property you own to their collections. Wow and you just wanted some help with the interest rate. We should have realized something would happen like that. Remember the old statement if it sounds it good watch it most likely isn't good. After all of these months of his program not many have gotten help. Now we know why. But the banks now have a way to take innocent victims to the slaughter.

Pat of TX 1:07PM December 12, 2009

My daughter and i live in Boston, and we have been trying to purchase a forclosed property for about a year. My dauthter have taken every first time home buyer couse there is and have applied for every State and Federal program,recieved the cirtificates and have been appoverd for two bank loans.We are working with a very honest and hard working broker,however the problems that we are dealing with are unbeliveable. for isnstance, a property will be listed at 8a.m. Our broker will call to set up an appt. no one returns his calls, or in the off chance that they do, and we get an appt.to see a property,the keys have myseriously disapperd out of the lock-box and by the next morning the house is off the market. or there are tenants and no-one wants to be responsible for having them vacate the property, and even if you are willing to take on that daunting task, you can not if you are enrolled in any federal or state funded programs. These bank lenders are getting some sort of compensation from these realestate brokers. They are givig them a heads up on these properties and or holding them for them because the properties by law, have to be listed and they are, however the paper work has alredy been put into place. The buyer is just waiting to have everything filalized by the bank and the brokers. These programs were designed to help hard working people buy a piece of the American dream, but as long as you have these greedy, money hungry peolpe who are not being policed, controlling who gets to buy what and how much$$$$ are they going to be slipped on the side, our American dream to be able to own a piece of land and set up a foundation for our family will continue to be a nightmare. My daughter will be expecting my first granddaughter in November. Our whole family is so very excited, however my daughter do not have enough room in her appt. for her. We were so hopeing to have a home by then. I am a strong beliver in the good Lord and I know that he may not be there when I think I need him,but he is always right on time. And with that being said I will continue to have faith that something will work out for us soon. Thank you.
Ms. Denise Banks

Denise Banks of MA 3:47PM July 23, 2009

this series of events would look pretty weird. Develop and train a million real estate agents (yes we had a million of them) to sell over-priced houses to people.
Then run many of the buyers out of those homes when the values fall and invent government programs to put different people in---using some printed funny money with taxpayers on the hook for it.
Did anybody ever think to wonder whether the over-marketing---the million realtors---had anything to do with the overpricing bubble?

Muser of NM 4:02PM July 22, 2009