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John Vostenak's Blog

By John Vostenak | Broker in 91016

The Absence of help for #borrowers current on the #mortgages,there is no benefit to be had for responsible behavior?

The Absence of help for #borrowers current on the #mortgages,there is no benefit to be had for responsible behavior? 

Here is my BEEF ! Absence of help for #borrowers current on the #mortgages,there is no benefit to be had for responsible behavior? YES there is NO solution and HELP to REFINANCE comming from Bankers and or Government ... WHY ..?

Here is it in more detalis,  the absence of meaningful help for borrowers who remain current on the mortgages, the impression is created by these efforts that there is no benefit to be had for responsible behavior

The government and our nation’s lenders care more about borrowers in default than they do those that struggle every month to meet their financial obligations and pay their mortgages on time.


  1. The program would apply only to borrowers whose mortgage rate is higher than current market rates. In other words, only when a borrower's new payment would be reduced by at least $50 per month would they qualify.
  2. And with one exception only - NO cash out - this program is intended as a rate reduction program. The only exception to the cash out limitation would be that borrowers with second mortgages or home equity lines of credit would be permitted under this program to pay off both loans  - again as long as the total monthly payment of the new mortgage was less than the old combined total payments.
  3. And as for credit requirements, borrowers (owner occupied and investors alike) whose payments would be reduced qualify as long as they have been current on their mortgage(s) for at least two years. That’s it - forget credit scores, loan-to-value ratios, front-end or back-end ratios.   Borrowers would qualify on the theory they if they have been current on their higher rate loans, their payment history would suggest that they will continue to pay their mortgage if their payments are reduced.
  4. And forget home value - again, if  borrowers have demonstrated a willingness and ability to pay at higher rates - knowing that they are under water - reward them and give them an opportunity to pay less.  Doing this will have the same impact to the economy as an immediate tax cut by putting money directly into the pockets of homeowners without the potentially negative impacts to the federal deficit of a tax cut.

here is a link on all details in the same topis :



CENTURY 21 Ludecke Realty

John Vostenak, Realtor, CA Broker, Lic#: 00871958 CENTURY 21 Ludecke Inc. • 20 E. Foothill Blvd , Suite 105 • Arcadia, California 91006 USA
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By Sheryl Arndt,  Sat Sep 8 2012, 21:46
We offer HARP and refinances for owners with no mortgage lates.

Sheryl Arndt, Broker
DRE# 01440252
NMLS# 297251

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