One in every 418 homes has received a foreclosure notice since the start of the great recession. The yearly rate of increase has gone up by the smallest amount since the start of the economic crisis in 2008.
Online PR News – 06-October-2010 – – When a person is forced out of the home, banks frequently sell the property at a deeply discounted rate. Because of the problems finding qualified buyers, many homes are sitting on vacant lots and lowering nearby property values. The housing market crash continues, and economic forecasters say that the outlook is bleak. The news does not signal the end of the crisis, but it could be good news that the rate of foreclosures is starting to go down.
The mortgage modification programs passed by congress and signed by President Obama have given some people the help they need to keep their homes, although the programs are not successful for many home owners. Lax lending standards caused the initial problem. According to USA today the fastest growing groups of people in foreclosure are people with fixed rate mortgages.
These programs work by delaying payments to give home owners a chance to catch up. Delaying the payments until times improve may be the answer for some people with mortgages, but it relies on the overall improvement of the American economy. States have started their own mortgage modification programs during the crisis with nearly as much success as the federal government has had.
High unemployment rates, slow or non-existent job growth are expected to deepen the crisis in the coming years. Realtors find it hard to facilitate the sales of existing homes after the original home goes into the foreclosure proceedings. An estimated 15% of home owners are now either behind on their payments or in the process of foreclosure.
A person can determine if loan modifications are right for his situation by assessing his current situation. If the lapse in payments occurred during a temporary solution, it might be better for a person to work a settlement out with his bank. Banks, after all, want the money and are willing to work with people to make sure they get it, as long as the borrower's request is reasonable.
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Our team at Cdlaonmod.com has been helping homeowners legally save their homes since 2007. Cdloanmod.com employees a network of Loan Modification Attorneys that can help you avoid foreclosure and help you stay in your home. Have a look around our website for useful information about home loan modifications and give us a call if you have any further questions. 888-595-9111