Number of the number of homeowners who are eligible for modifications is shrinking even as foreclosures rise. Industry observers expect foreclosures to dramatically increase in 2012 for a variety of factors including the fact that banks have lifted a self-imposed moratorium that came about as a result of aperwork deficiencies.
The US Comptroller of the Currency has determined that most homeowners who meet the income and other qualifications for loan modifications have already received assistance and therefore the new foreclosures comprise of homeowners who do not qualify for a loan modification or other alternatives according to the Scripps News Service. For more on this go to: Scripps News Serivce.
This information means that homeowners need to be even more aggressive and to start their efforts towards modifying their loans earlier. Simply ignoring the letters and calls from the bank means you are wasting precious time when you could be reviewing potential options.
If you are facing foreclosures do not do it alone. There are numerous resources available to you to fight foreclosure. For starters, Marylanders can contact the Maryland HOPE hotline 1.877.462.7555.
If you need an attorney to guide you through this process please call my office at 410-849-9529.
Disclaimer: This article is provided for informational purposes only and should not be construed
in any way as legal advice. This article does not create anattorney-client relationship.