Inauguration Day: The Start of a New Era for Housing
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As Monday, January 21 approaches, the nation waits for all of the upcoming celebrations and spectacle as President Obama is sworn in for a second term. Although many have made travel plans to go to Washington, D.C. for the festivities, most of us will be watching from home and online as the day’s events unfold. Many are looking beyond January to the next four years, wondering what will come of the President’s plans for improving housing and more.
The Inauguration Day events will include the official swearing-in ceremony; the inaugural address that will drive millions to televisions, online streams and into the Twitterverse; then the inaugural parade will proceed down Pennsylvania Avenue for 15 blocks at 2:30 p.m. and finally, the formal Inaugural Ball at the Washington Convention Center will end the President Obama’s Inauguration Day ceremonies. After a long day of ceremonies and events, the President and his family will be ready to settle back into their private quarters in the White House.
President Obama’s housing recovery plan for 2013 will soon begin rolling out. For those homeowners facing foreclosure, President Obama plans to get mortgage lenders to change the forbearance period from three or four months to 12 months for those who have lost their job. He also has proposed a Home Affordable Modification Program (HAMP) modification to give lenders special incentives that will encourage them not to foreclose on those borrowers who are severely behind.
Another part of President Obama’s plan, he has called a ‘Broad Based Refinancing’ for borrowers who have been current on their mortgage payments. The plan hopes to speed up the application process for homeowners trying to refinance their real estate Atlanta, in an effort to allow them to take advantage of low mortgage rates, while having financial fees paid for, but not adding to the deficit.
The housing plan aims to redevelop and refurbish vacant, abandoned, demolished and foreclosed properties into rental housing and other rehabilitated properties as part of the program entitled ‘Project Rebuild.’ This project ties in directly with jobs and housing, as it will create jobs for those who are going to be making these improvements to the properties. Project Rebuild is expected to invest $15 billion into this housing and job mission.
President Obama’s plan for the housing industry has been applauded and argued by many, but only time will tell the story of his plan’s success or failure in helping the housing situation across the nation.