Loan Modifications
Published On: October 19, 2011
There are about 4.2 million homeowners in the U.S. that are late on their mortgage payments or are in some stage of the foreclosure process. And although banks and mortgage servicers are trying to keep up with the demand for loan modifications to help home owners, they are still falling behind. Nationally, from Dec 2009 until June 2011, 1.6 million government-backed mortgage modifications had been started but only 791,000 were completed. But, mortgage modifications granted are now outpacing foreclosures so there is some optimism. There's also been an increase in Short Sales where the home is sold to a new owner at less than the amount remaining on the original mortgage. Locally, there are more homes offered for sale than normal for this time of year but foreclosures are not dominating the market as they are in some places. All good news that the housing market may be stabilizing.
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