Mitt Romney’s Foreclosure Plan Similar to Obama’s

October 5, 2012 Posted by kingcade

Early in his campaign, Republican presidential candidate Mitt Romney stated his approach towards the foreclosure crisis as, “Let it run its course.” However, as the election gets closer, Romney has announced a new plan for the foreclosure crisis that is very similar to the plan already set in place by President Obama.

Romney’s plan is a four-part plan that he says will kick-start the economy:

• He plans to facilitate foreclosure alternatives for homeowners who cannot pay their mortgage. This part of his plan would involve short sales and deeds in lieu, which is very similar to Obama’s HAMP and HARP programs.

• He plans to shut down Fannie Mae and Freddie Mac, which the Obama administration started slowly doing last year.

• He plans to encourage the 200,000 government-owned foreclosures to be sold. The Obama administration has already put a pilot program in place to begin selling these foreclosed properties and has successfully sold a few thousand.

• The biggest difference between the two administrations is that Romney plans to take a different approach at streamlining mortgage regulations so that it is easier for taxpayers to be approved for a loan.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at

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