NC homeowners to get help avoiding foreclosure
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Those of you fighting foreclosure, may get a bit of a break. The Obama administration is sending $600 million in financial aid to five states. North Carolina is getting nearly $160 million of that.

The money will go to counties with the highest levels of economic stress. It will reduce some people's mortgages and give some jobless homeowners a temporary break.

"Those people may receive a reduction in their principal on their mortgage," said Linda Smith, executive director of AMEZ Housing Community Development in Wilmington, which helps homeowners facing foreclosure. "They may receive mitigation counseling through an agency such as ours, or even a buy-down or short-sale aid."

So far this year, about 750 homes in our five-county region are at risk of foreclosing.

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Just like the "Making Homes Affordable" program, this one is all hype and likely to produce minimal results.

The bottom line is that there are simply too many people who should never have been given a mortgage in the first place. Those who can't afford the home now likely won't be able to afford it in a year...and no bank is going to accept a write-down of X unless the feds stand ready to give cash incentives and tax breaks that equal or exceed X.

BTW, 40% of those who renegotiate their mortgages to longer terns and better rates are back in default within six months. People need to stop running their finances like Washington.

"You mean we have to pay that money back?!?!?"

but then look who's been giving the Annointed One advice.

Former heads of Fannie Mae & Freddie Mac who led them to the brink of bankruptcy and cost the taxpayers billions of dollars to keep the entities afloat.

Of course, by the time the doo doo hit the fan, they had all walked with large, in the millions, golden parachutes.

So of course they have the luxury of time to advise the Community Organizer on what to do to save the mortgage industry. Lest we forget, Barney Frank and Christopher Dodd were the 2 leading proponents on making mortgages to folks who could neither conventionally qualify or afford the payments. But, they were entitled.