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.
Avoid Foreclosure link to HUD
Requesting
a Modification
Thank you for visiting my blog, please leave your comments and questions they are always welcome. Join or follow for future post and updates.
Roxy Redenbaugh
ACMC Loan Consultant
Commercial & Residential
Branch Manager
NMLS #269926
808-637-0011
