Mortgage Help and How to Get It
Recently housing and labor markets statistics were released for the year 2009 and the picture they paint is far from being bright. RealtyTrac, the leading trader of foreclosed properties that tracks housing and foreclosure statistics since 2006, reports the 21% increase in foreclosure actions numbers comparing to the previous year. Company’s numbers show a total of 3,957,643 foreclosure filings including default notices, scheduled foreclosure auctions; bank repossessions were reported on 2,824,674 U.S. properties in the past year.
Job losses were also on the rise during 2009 – Bureau of Labor Statistics confirms that 8.8 millions of Americans are still left unemployed after 3.5 months of job search. With more and more jobs lost, growing numbers of once solid mortgage holders fall behind their monthly payments and question their lenders about mortgage help they are entitled to.
These troubled mortgages loom over stagnating American economy and threaten to undermine the weak signs of recovery and stabilizing prices that housing market began to show in the last couple of months. Those about to slide into foreclosure proceedings today are most likely to be the responsible borrowers, opposite to sub-prime high-risk borrowers of the first two foreclosure waves. Experts suggest that 60% of the foreclosures in 2009 were triggered by unemployment or loss of the major source of income.
In February 2009, exactly a year ago, Federal Government came up with a several bold initiatives, called House Affordable Modification Program, designed to help responsible homeowners struggling with their monthly payments and secure a bottom level to sliding real estate prices. Qualifying homeowners who are still on top of their monthly payments but struggling with financial hardship and can prove it are offered permanent mortgage modifications that would reduce their monthly payments to 31% of their monthly income and secure a fair interest rate for their mortgage.
To be a part of this plan you need to contact your lender or mortgage modification legal advisor who can help you arrange all necessary documents and make sure you are being treated by your bank fairly. We, at American Financial Assistance, have a vast experience dealing with major banks and financial institutions in loan and mortgage modification cases. Inform us of your situation in the form below and one of our legal team members will be in touch with you shortly.
Sarah Kline
American Financial Assistance
