Real Estate News: New Foreclosure Prevention Plan Going Into Effect

City of Hialeah - Miami Dade County

The fifth largest city in the State of Florida with an area of 20 sq. miles and a Class 1 Fire Department. Hialeah has access to most major thoroughfare - linked by I-95, I-75, the Palmetto and Sawgrass Expressways, and the Florida Turnpike. It is home to Hialeah Race Track and rich with investment opportunities for apts, homeownership, retail and the manufacturing sector. Mayor Julio Robaina serves as strong mayor. His vision to encourage business growth and quality of life for the residents maintains the City of Hialeah as one of the most desirable and stable community in Miami Dade County. See all the details at www.hialeahfl.gov

3/28/2010

New Foreclosure Prevention Plan Going Into Effect

New foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers is going into effect.

The Federal Housing Administration FHA, which will insure lenders against part of the losses, will be administering the program.

The Banks would have to write down loan balances to less than the value of the home. In cases where there are first and second mortgage, the combined total would have to be no more than 115 percent of the home’s value.

The Treasury would pay part of unemployed homeowners’ loans for three months while they job hunt.