The expansion of government efforts to curb foreclosures encourages the rise of shadowy private sector initiatives promising to protect distressed borrowers. Also, many former mortgage brokers, title agents, and related professionals now specialize in foreclosure rescue. While most are honest, some are the same people who not long ago were promoting fraudulent and inappropriate subprime mortgages.
The first-time home buyer tax credit is an incentive you'd expect consumers to be clamoring about. But many practitioners are astounded to learn that buyers in their markets who are prime candidates for the credit aren't even aware of it.
When you have the opportunity to choose or recommend an appraiser, do your homework first by checking state licensing boards or consumer protection agencies and asking trusted colleagues for referrals.
With minority homeownership still lagging the national average, it’s clear there’s more work to be done. You can make a difference by educating yourself and your community and by being a resource to the culturally diverse customers in your market.
There’s no doubt that the mortgage meltdown will be one of the most important issues facing the Obama administration. Finding a logical resolution won’t be easy. It will require a solution that’s balanced and beneficial to both mortgage holders and lending institutions.