I believe it’s safe to say our housing market is improving. Home prices are rising in some areas and leveling off in others. Interest rates are still historically low, lenders are actually funded more loans to qualified home buyers. Homes are being sold and reducing the inventories. Fewer home owners are falling behind on their mortgages. All these factors represent that we are pulling out of the worst housing market since the depression.
Another reason for the drop in foreclosures is that lenders are working with more home owners to keep them in their home. Modifications are up and that is good news. A jump of 62% in principal reduction modification in Oct/Nov. Others are getting a reduction in rate and payment amount giving 5 to 7 years of temporary relief to the homeowner.
Whatever the reason things are looking up and our housing market is coming back.
If you are still struggling and have been denied in the past for a modification call your lender directly and apply again.
If you have questions I have provided some links that can help you get information. I am also available to help with any questions you might have.
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ACMC Loan Consultant
Commercial & Residential