Mayfair Group - Obama May Put A Permanent Stop To Foreclosures

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Mayfair Group - Obama may put a permanent stop to foreclosures

We have seen the U.S. market as a temporary investors market as there are so many foreclosures today international investors can invest into especially in the Detroit Michigan market as the price entry level is very low for Detroit Investment properties.

As each month goes by w e see that the inventory is reducing and the prices are going up with many international investors creating a bidding war in the local market. With the latest news that Obama administration wants to put a stop to foreclosures this will lead to a further influx of investors wanting to capitalize on the cheap investment properties from Detroit Michigan.

The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the governments Home Affordable Modification Program.

The proposal, reviewed by lenders last week on a White House conference call, prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed, according to a Treasury Department document outlining the plan.

It is one of the many ideas under consideration in the administrations ongoing housing stabilization efforts, Treasury spokeswoman Meg Reilly said in an e-mail. This proposal has not been approved and there are no immediate planned announcements on the issue. She confirmed the authenticity of the document, which hasnt been made public.

At present, lenders can initiate foreclosure proceedings on any loan that hasnt been submitted for HAMP eligibility. Under current HAMP rules, foreclosure litigation can proceed while borrowers are under review for the program or even in a trial modification.

The proposed changes would prohibit lenders from initiating new foreclosure actions before loan screening by HAMP and would require lenders to halt existing proceedings for borrowers once they are in a trial repayment plan.

Mayfair Group. Reg. No. 6609354. Registered in England. Registered Office: Berkeley Square House, 2nd Floor, Berkeley Square, Mayfair, London, W1J 6BD, United Kingdom www.mayfair-group.com

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For more information log on to Detroit Property Investment, Mayfair Group, email: info@mayfair-group.com or call us on +44 207 183 3990



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