Word: loan
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Employers and career experts see a growing problem in American society - an abundance of college graduates, many burdened with tuition-loan debt, heading into the work world with a degree that doesn't mean much anymore...
That's not to say there aren't real issues with how trial modifications are (or aren't) being converted into permanent ones. Housing counselors report that while loan servicers have made progress in certain areas - phone-wait times that used to run up to an hour now might last only 15 minutes - there are still major bottlenecks in getting the final sign-off for a permanent modification. And borrowers are not without fault. Some 375,000 homeowners should be eligible for permanent modifications by the end of the year, according to the Treasury Department, but some 20% of them...
Still, the larger storm cloud on the horizon is the state of the jobs market. While an out-of-work person can, theoretically, get a loan modification under HAMP by proving eligibility for at least nine months of unemployment benefits, the program isn't set up to handle someone without a regular stream of income...
Elsewhere, such programs do exist. For example, under the auspices of the Homeowners' Emergency Mortgage Assistance Program, Pennsylvania will loan its residents up to $60,000 over the course of two years in the wake of life events such as losing a job or falling severely ill. While a homeowner is out of work, the loan is interest-free. In exchange, the state gains a legal right to the house should the owner default on his or her mortgage...
...many as the year before. The social norm that in previous eras would have prevented people from simply walking away from their homes seems to be eroding - but HAMP puts a low priority on reducing the overall amount a person owes. In fact, among permanent modifications, the average loan amount as compared to home price (the so-called loan-to-value ratio) has increased...