President-elect Barack Obama says preventing foreclosures is ‘number one’

January 8, 2009 in Foreclosure Assistance, Foreclosure News, Stop Foreclosure by Foreclosure.com1 comment

Barack Obama

“I think the most important thing when it comes to declining home values is number one, preventing further foreclosures. That just erodes home values across the board.”

– President-elect Barack Obama comments on the importance of preventing the recent surge of foreclosure situations from rising any further across the nation in a recent Associated Press article. The incoming administration, which takes charge January 19, is considering whether or not to direct “some of the remaining bailout money to foreclosure prevention.” There is currently about $350 billion remaining of the $700 billion that was earmarked back in late 2008 to revive the economy and inflate the credit market. The current plan on the table would provide lenders with incentives to modify loans that are either already in default or headed in that direction. It is estimated that the plan could prevent 1.5 million foreclosures.