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 March 05, 2008

California / Schwarzeneggar's Mortgage Plan
In the months of Dec & Jan, state officials are claiming that Governor Schwarzenegger's plan, to help in the mortgage catastrophe, helped over seventeen thousand homeowners struggling with house payments. What doesn't seem to be so clear is just how much his plan significantly helped California homeowners, because lenders had already been working to help those who borrowed and are responsible for helping nearly twenty thousand homeowners in Oct. and Nov of 2007.
Lower interest rates dramatically helped those in trouble with adjustable mortgages and has allowed lenders to focus their efforts on people and families who are in deeper trouble and have fallen behind a few months worth of payments. Those homeowners who did come to terms with a deal either froze or lowered their interest rates. January of 2008 saw much less concern over freezing their rates and more focus on a repayment plan.

The latest published findings are stating that while there has been a significant amount of effort put into slowing the mortgage crisis, they have not been able to curb the number of folks who are losing their homes.

The report released on 3 - 3 - 08 only showed results for Jan, which are:

Nearly 500 froze their interest for less than five yrs.

Over 200 froze their rates for over five yrs.

Nearly 3500 were allowed to suspend payments for a certain amount of time.

Lenders also reduced interest rates for nearly 3000.

The plan does, however, seem to hold lenders responsible, but homeowners are still reluctant to call their lender when they get into mortgage problems.

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