Homeowners who want to do the right thing and avoid foreclosure often need to rely on seasoned professionals to guide them through the pitfalls of negotiating with their lender.
The most recent report from the Treasury Department indicates only 123,000 of an estimated 4 million eligible homeowners have new mortgages under the government program.
One of the most common reasons is that many lenders are far from helpful. In fact, homeowners who have contacted their mortgage company for relief often get the runaround instead. Some banks have turned down seemingly eligible applications or offered terms borrowers can’t afford. Others simply take so long that banks are foreclosing while negotiations are ongoing.
See what happened to one such family: http://www.cnn.com/2009/POLITICS/08/31/homeowners.mortgage/index.html#cnnSTCVideo
The current depression in real estate market values may have much further to go before it hits bottom. According to the experts at MSN, the anticipated inventory of foreclosed homes will be over 5 and a half times what it was just a few years ago. http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches.aspx?post=1288816&_blg=1,1288816
Analysts say it would take almost a year and a half to sell the foreclosed homes at the existing pace, assuming no other homes are on the market. The rising inventory and increased marketing time spell further decline in values, eroding equity from additional millions of homeowners.
Homeowners that try working directly with the lender is a clear conflict of interest on the lenders part. The lender is required to represent their stockholders and investors best interest, not the borrower’s.
Non-profit organizations are understaffed, under-skilled, and under-funded to obtain the best loan modification for the Homeowner.
Find out why the vast majority of consumers fail at getting a loan modification on their own.
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