Whether the reasons are delayed payments or economic recession, the only remedy to avoid losing your home to foreclosure is loan modification. It is not that there are no other options to save your home, but those whose financial situations are on a temporary hold, can make this option as an option to save their [...]
Many borrowers are complaining that the banks and lenders are not observing loan modification rules. One of them is Nathan Reynolds who has experience regarding the foreclosure prevention plans of the government. Since 1998 he has been operating in the Chicago region and since then he has endured the value of his own house and [...]
Nearly 50% of the loans that had been modified during the fist half of 2008 redefaulted within a year. Lenders are claiming they have stepped up their efforts to renegotiate loans but report released by bank regulators observe that over half of the borrowers who availed of the facility are again lagging behind in payment [...]
President Barack Obama has launched the ‘Homeowner loan Modification Plan’ is an effort to stem the foreclosures and tide over the mortgage non-payments that has made millions of homeowners unable to make payments. This is supposed help over 4 million homeowners avoid foreclosure.
Today, nothing follows the usual routine. Mortgage companies are being unable to advance the required sum to bona fide borrowers at the last-minute. 117 renowned mortgage companies have downed shutters in the past six months. Those remaining in business have raised their standards for advancing loans. Previously, the going was easy. Lending companies did not [...]