States Seeking Foreclosure Help

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State Officials all across the board have been working diligently to stem the flow of foreclosures that have been happening like wildfire in the United States for the past two years.

Some of the things they are trying to change are the loan principles for borrowers whose homes are worth less than their mortgages. They want those cut. Also they want to address the problem of option adjustable rate mortgages and simply cut out all of the red tape.

Banking regulators and the state attorney's general have been urging the Obama admin to step up their efforts as well.

"Potential foreclosures are being built up in the system, said Tom Miller, Iowa's attorney general. "The efforts really need to be more efficient more effective more timely on behalf of the servicers."

cnnmoney

I will say that the Obama admin have done great things to try and help people who have been in foreclosure but the help isn't coming fast enough and in reality, it all may be just a temporary band-aid unless they come up with a better plan.