Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL– 08/16/2012list has been posted.
These are Single Family Homes ‘Active’ on the Mobile AL MLS. These homes are ripe for the picking. DO NOT LET THEM PASS YOU BY…ACT NOW….BEFORE IT IS TOO LATE!!!
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Before the housing bubble burst, Anthony Ugaro lived across from a country club. But the good life began to unravel for Ugaro, 65, when the military veteran lost his job at an electronics company in 2009. Soon after, he was diagnosed with heart disease, which hampered his ability to work and to keep up with mortgage payments.
Ugaro said he first applied for a mortgage modification under HAMP about a year ago. Wells Fargo told him that his household did not earn enough monthly income to qualify, he said, so Ugaro, who has six stents in his heart, got a part-time job as a crosswalk guard that he said paid $324 a month.
He then reapplied for a modification, but said he was confounded by the bank’s response: “They said, ‘Now you’re making too much. He is one of an estimated 2.8 million distressed borrowers who have been denied a permanent modification under HAMP. HAMP has not been adequately implemented by mortgage servicers.
The Ugaros’ story is a reflection of the still-marred HAMP application process more than three years after the program’s inception . Overseen by the Treasury Department and funded by the Troubled Asset Relief Fund, HAMP was launched in 2009 to provide relief to a wide swath of homeowners facing foreclosure in the wake of the housing bust.
The program is designed to lower monthly mortgage payments for distressed borrowers by either reducing interest rates, delaying payments, slashing loan balances or using some combination of the three.
Since the Obama administration introduced HAMP, only about 1 in 4 applicants have received a permanent modification.
According to the Government Accountability Office, 2.8 million have had their applications denied or their trial modification canceled. To date, a little more than 1 million have received a permanent modification — but the program was aiming to have helped three to four times that.