Another potential option for distressed homeowners, more options for loan mods. I saw this article and thought I should share. Distressed homeowners need to know they have options and more help could be on the way. Bank regulators push for principle write-downs.
It seems that lenders could be forced to use formulas for potential loan modifications.
"State attorneys general and federal banking regulators are reportedly closing ranks in their efforts to reach a settlement with mortgage lenders over alleged shortcomings in procedures employed by loan servicers in foreclosing on borrowers and considering them for loan modifications."
These could be more "effective in preventing foreclosure" and help homeowners. I question if many lenders would prefer foreclosure and why isn't this protocol already in effect.
Stats show that one in every 45 homes will receive a foreclosure notice this year. Let see if we can change that. Are you considering a Denver shortsale? Are you behind on payments? Have questions on short sales & want tips on how to avoid foreclosure. You are not alone, give me a call to discuss options.
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