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Home Loan Refinancing Pays Off Personal Debt

Homeowners have found a new application for home loan refinancing opportunities where they are using their equity to gain capital, which is being used to erase/payback personal debts. For individuals who have hit a difficult patch in finance or have practiced poor habits in their financial life and have allowed debts to get out of control — personal loans, credit cards, or other forms of debt management often becomes a major issue. Hence some of these individuals have turned to refinancing opportunities on their home loan as a way out.

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Housing Market Scandal Lands Decision Makers In A Catch-22 Scenario

Real Estate disaster is wrecking Hawaii as one of every 371 households in the state was foreclosed last month. This is the ninth highest rate in the country as suggested by the figures of real estate research firm RealtyTrac. Foreclosure procedure for up to 14,408 houses in the island had started by last month and more than 2,000 of these houses had been sold since the first quarter of 2008 as reported by the Center for Responsible Lending.

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HAMP Loan Modification Program Rescues Millions of American Homeowners

In times where millions of people across America are struggling to meet their home loan liabilities the government has taken a step forward and provided a helping hand in the form of the HAMP loan modification plan. This massive initiative is backed by a total of $75 billion in bailout funds, for the rescue of homeowners across the country. Majority of the lenders are now aggressively offering a loan workout to the eligible borrowers.

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Freeze On Foreclosures Can Have Long Lasting Effect On US Housing Market

The Bank Of America had a freeze on foreclosures in 20 states in the US where the foreclosures are required to be approved by the court before they can go through. Now, they have included all 50 states into this new requirement. While all these new frozen foreclosures will come as a blow immediately on the still unstable US housing market, the effects might reach far ahead into the near future.

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Home Loan Modification Program

In an attempt to rescue homeowners across the country, who are overwhelmed with their current housing obligations and need loan modification help. The Obama administration has announced its loan modification programs.

The plan is to primarily target two different segments of homeowners.

The first segment constituting of those who are paying their mortgage faithfully and would like to . . . → Read More: Home Loan Modification Program

HAMP loan modifications are more likely to avoid foreclosures

High foreclosures and loan delinquencies have a significant negative impact on the United States economy. To fight this impact government implemented (Home Affordable Modification Program) HAMP program to help troubled home owners modify loans and get their payments under control. Following this program commercial banks also started to modify their problematic loans at increased rate. But . . . → Read More: HAMP loan modifications are more likely to avoid foreclosures