San Diego: a Closer Look on Foreclosure and Loan Modification

By
Real Estate Agent with Dyer Beech

 

Today is the right time to buy properties in San Diego, with the rate of foreclosures on the rise; residential properties are at very reasonable prices. This is ultimately good news to people who want to relocate and purchase a house or a condominium unit in San Diego. A list of these properties can be accessed on the San Diego Multiple Listing Service. However, many homeowners are not at all happy when they receive their Notice to Default, meaning a foreclosure action on their home is in the works. To keep their own homes, they can apply for a San Diego loan modification programs offered by both government and private lenders.

Loan modification seems to be the perfect solution to the foreclosure predicament faced by numerous homeowners, not only in San Diego but across the country. Prominent financial institutions like JPMorgan Chase, Bank of America, and the Federal Deposit Insurance Corporation have come up with strategies to assist a homeowner who is intent on keeping his home out of foreclosure. Nonprofit housing advocates, however, are uncomfortable with some of the terms and conditions of the loan modification programs provided by these organizations. A lender is more inclined to be profit-oriented than anything else. If it can make more money by foreclosing then it will foreclose, and totally disregard loan modification. Before a homeowner applies for mortgage modification, there are four things he must remember: Loan modification is a possible way out when you cannot refinance, there is no equity, and you have an income and have been behaving responsibly (that is, you pay your mortgage payments on a regular basis). If none of the aforementioned applies to the homeowner, then there is a very slim chance of approval of his loan modification application.

As the global economic crisis continues, many homeowners become ineligible for a loan modification program. San Diego homeowners will not be the only ones to suffer from the same fate and it is now imperative that the government as well as private lenders widen the scope of their mortgage modification programs to include this group of homeowners.

Visit Dyer Beech for more information about their San Diego loan modification program.

Comments (1)

Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

We invite you back to ActiveRain in 2017.

  Much has changed since your last blog post.

  Best to you!

Jun 07, 2017 07:07 PM