Archive for July, 2009

According to CNN in their real estate news, foreclosures have reached the worst three months of all time. It’s happening despite the signs of economic recovery. The main factor for this phenomenon may be attributed to a lot of delinquent borrowers. Experts from Realty Trac also said that foreclosure crisis may not diminish anytime soon. On the other hand, the Obama’s administration has induced long term loan modifications as a mortgage rescue plan. Half a million people are now in trial modification but the help seems still elusive. What seems to be the problem? According to the news, even as the Treasury Department is working intently to help borrowers with their modifications, like with the help of some companies like JP Morgan Chase and Citigroup, homeowners are not sending them the required documents. Many borrowers are also getting nervous if they could avail of the modifications or not. I hope these folks could settle all the necessary requirements before the period expires.