Foreclosure Modification Act; Became Real Estate Law in most states. Loan Modification Can Help!
We have recently written about short sales as a means of avoiding foreclosure or bankruptcy, so this week we will mention loan modification as another way to avoid losing your house and credit.
A loan modification is one possible tactic available as part of a foreclosure prevention strategy. Obtaining a loan modification is a complex process that involves discussions with your mortgage company and others, perhaps a HUD counselor. The main problem with this solution, especially if you have already received notification of foreclosure, is the amount of time it takes to reach all of the parties involved and to then negotiate a modified loan – all while the clock is continually ticking toward a looming deadline.
The Foreclosure Modification Act (A.G. File No. 11-0014), make a mortgage loan modification a requirement by lending institutions if certain economic criteria exist in the marketplace, such as the nationwide real estate devaluation as a result of the recent recession fueled by the collapse of the housing market.
The concept behind the initiative is that individual homeowners need protection against external market forces over which they have no control, such as when residential properties lose huge chunks of their “value” while the economy seems to be entering the second half of a double-dip recession with few new jobs available.
If you are approaching a foreclosure, we will comment about your need to fully understand the current laws and all of the available options today, including a short sale or a loan modification. You can start learning about your rights by contacting Anew Home Loan Services, today.
In a stressful situation with deadlines quickly approaching, it can be hard to think straight and properly deal with all of the paperwork and calculations involved in legal and financial aspects of your life – and a possible foreclosure. And it can be even harder to determine exactly what is the best option for reversing a bad financial situation, without completely understanding the real estate market and knowing the full legal and financial implications of your decisions.
We understand the uphill battles brought on by a difficult financial period. We are qualified to help guide you through all of your legal, financial and real estate negotiations and transactions, so you emerge as unscathed as possible and in a position to rectify your financial position and move your life forward.
We understands all of the aspects of a loan modification in today’s market and she will help you handle the details quickly and efficiently to your best advantage. If you fear you will soon lose your home, please contact us, before it is too late.
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