OBAMA ADMINISTRATION APPROVES STATE PLANS FOR USE OF $1.5 BILLION IN
‘HARDEST HIT FUND’ FORECLOSURE-PREVENTION FUNDING

Florida will offer up mortgage payment assistance to the unemployed and under-employed while they seek re-employment. The state will also offer principal reduction or second lien extinguishment if necessary to achieve a mortgage modification.

Arizona, California, Florida, Michigan, and Nevada Will Receive First Round of Funding Under Program to Support Innovative Local Initiatives to Assist Struggling Homeowners in States Hit Hardest by the Housing Crisis

WASHINGTON – State Housing Finance Agencies (HFAs) in Arizona, California, Florida, Michigan, and Nevada can begin to use $1.5 billion in “Hardest Hit Fund” foreclosure-prevention funding under plans approved today by the Obama Administration. This aid will support innovative local initiatives to assist struggling homeowners in those states, as part of the first round of funding available under this new program.

“These states have identified a number of innovative programs that will make a real difference in the lives of many homeowners facing foreclosure,” said Treasury Assistant Secretary for Financial Stability Herbert M. Allison, Jr. “While we’ve made important progress stabilizing the housing market and keeping responsible families in their homes, the Obama Administration will continue to do everything it can to help those who are struggling the most during this difficult time. Today marks an important milestone for delivering relief to homeowners through the Hardest Hit Fund program.”

President Obama established the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“Hardest Hit Fund”) in February 2010 to provide targeted aid to families in the states hit hardest by the housing downturn. The states approved to receive aid today as part of the first round of funding provided through this program each experienced a 20 percent or greater decline in average housing prices.

Each state Housing Finance Agency (HFA) gathered public input and created Hardest Hit Fund programs designed to meet the unique challenges facing struggling homeowners in their respective housing markets. The five HFAs submitted their Hardest Hit Fund proposals to Treasury on April 16. Treasury then reviewed each state’s proposals to ensure compliance with the Emergency Economic Stabilization Act (EESA) and offered technical assistance to develop performance and reporting metrics. Approved states will now begin to set up and roll out their specific Hardest Hit Fund programs in order to provide relief to struggling homeowners as soon as possible, with specific implementation timing depending on the types of programs offered, specific state-level procurement procedures, and other factors.

The proposals approved today include programs to assist struggling homeowners with negative equity through principal reduction; assist the unemployed or under-employed make their mortgage payments; facilitate the settlement of second liens; facilitate short sales and/or deeds-in-lieu of foreclosure; and assist in the payment of arrearages.

In March 2010, the Obama Administration announced a second round of Hardest Hit Fund aid totaling $600 million for five additional states with high areas of concentrated unemployment: North Carolina, Ohio, Oregon, Rhode Island, and South Carolina. The proposals that these states submitted are currently being reviewed.
A state-by-state summary of the Hardest Hit Fund proposals approved today is available below. For copies of the approved proposals, visit: http://www.financialstability.gov/roadtostability/hardesthitfund.html

See if you can benefit from a Loan Modification by calling the law offices of Ioannou & Ioannou, LLP 866 910 7065 or email us at am@ioannoulaw.com.

Obama Administration Introduces
Monthly Housing Scorecard

Impact of Administration Efforts Seen in SIGNS OF House Price Stabilization and Increased Affordability

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today introduced a monthly scorecard on the nation’s housing market.  Each month, the scorecard will incorporate key housing market indicators and highlight the impact of the Administration’s unprecedented housing recovery efforts, including assistance to homeowners through the Federal Housing Administration (FHA) and the Home Affordable Modification Program (HAMP). This scorecard contains key data on the health of the housing market including:

* After 30 straight months of decline and an expectation of continued nearly 14 percent decline, home prices leveled off in the past year and expectations have adjusted upward

* Mortgages are more affordable: due to historically low interest rates, more than 6 million homeowners have refinanced, saving an estimated $150 per month on average and more than $11 billion in total. And more than 2.5 million families have purchased a home using the First-Time Homebuyer Tax Credit.

* Servicers report that the number of homeowners receiving restructured mortgages since April 2009 has increased to 2.8 million. Additionally, nearly half of homeowners unable to enter a HAMP permanent modification enter an alternative modification with their servicer, and fewer than 10 percent of cancelled trials move to foreclosure sale.

* However, the foreclosure prevention initiatives are not intended to help all borrowers and the market will continue to adjust for some time.  The supply of homes on and off market remains near all-time highs.  It will take time to work though this large inventory.

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See if you can benefit from a Loan Modification by calling the law offices of Ioannou & Ioannou, LLP 866 910 7065 or email us at am@ioannoulaw.com.

Qualify for loan modifications and get help under the new Obama home plan.

Many homeowners pay their mortgages on time but are not able to refinance or take advantage of today’s lower mortgage rates due to a decrease in the value of their home.

See if you can benefit from a Loan Modification by calling the law offices of Ioannou & Ioannou, LLP 866 910 7065 or email Adam at am@ioannoulaw.com.

The Obama administration introduced the Home Affordable Modification Program which allows up to 9 million homeowners to reduce their mortgage payments by modifying their loans.

See if you can benefit from a Loan Modification by calling the law offices of Ioannou & Ioannou, LLP 866 910 7065 or email us at am@ioannoulaw.com.

We Are Here to Help. If you would like experts to review your options and take advantage of lower mortgage rates call the law offices of Ioannou & Ioannou, LLP 866 910 7065 or email us at am@ioannoulaw.com.

The Federal Reserve said it will soon stop purchasing home mortgages after accumulating an unprecedented $1.25 trillion in mortgage debt since January. However, Congress’ decision to extend the aid will keep the market “reasonably stable” for another few months. We know that homeowners are still under intense pressure and need to act quickly.
Forensic Loan Audit recommends contacting a home loan modification expert as soon as possible. If you would like to speak with a loan professional call 866 910 7065 or email us at am@ioannoulaw.com

As an example, if you are not up to date as per MBA calculation at the end of your trial period, the foreclosure process will continue with the selling of your home. This isn’t something you want to manage on your own, because the risks are too high. A good first step is to contact a professional for FREE assistance. After the consultation, if they have found errors in your loan paperwork or deem your case has hardship potential, the consultants will refer you to a trusted adviser or legal counsel.

To learn more contact us at

Forensic Loan Audit
Adam Mukadam
2713 SW District Ave
Port St Lucie, FL 34953

P. 866 910 7065
am@ioannoulaw.com

If you are one of the millions of Homeowners struggling to deal with the global recession a home loan analysis may help. There currently is a program that will help close to 4 million homeowners avoid foreclosure and you may be eligible.

Homeowners need to work out an affordable loan modification plan with their lenders, and decide on what kind of assured payment can be made each month without fail, for a long term. This program requires a mountain of paperwork and can be an intimidating challenge for most. However, a home loan analysis is a free service provided by Forensic Loan Audit and can be completed within a few hours. They will help you determine if you are qualified and should continue with the process or suggest other avenues. They can also recommend an Attorney if your case needs the support of expert legal advice.