“glimmers Of Hope” - Loan Modification & Economic Recovery

In the news and throughout the general American public, last week noted increased consumer confidence and “glimmers of hope in the economy”. With unemployment at staggering double digit rates in many States, and the US Economy “still under severe stress,” according to President Obama on Friday, it appears we are still a significant duration away from full economic recovery, however, we as a Nation are optimistically on the right track.

Still, many homeowners are facing foreclosure. According to Realty Trac's March foreclosure market report, a total of 101,587 properties entered some stage of foreclosure, down 13% from March, yet still 63% higher than the same period last year.

According to CNN Money, on Thursday President Obama focused on the mortgage crisis, meeting with members of his economic team, as well as homeowners who had recently refinanced or modified their mortgages, and urged Americans to take advantage of historically low interest rates and refinance or modify their loans.

There are many benefits to successfully achieving a loan modification, through which homeowners may lower their interest rates, payments, change their loan terms, and even reduce their mortgage balance. Fundamentally, qualifying for a loan modification is based upon three significant elements: The desire of the borrower to keep the house, the borrower has experienced a financial hardship, and financial documentation that the borrower will continue to make the lower payments from the completed home loan modification.

Especially now, with Obama's Home Affordable Program, and the FDIC's Mod-in-a-Box program, more and more people are looking to a loan modification as the solution for their financial stability. According to Justin Bartlett, President of Operations for Modification Zoom, “We've noticed a significant increase in applicants, and clients who fall under Home Affordable or FDIC loan modification guidelines have an even greater chance of achieving a modification with the advent of these new programs.”

The financial stability achieved as more and more people save their homes and stop foreclosure through loan modification and other loss mitigation services clearly translates into overall economic stability and ultimately the end of the housing crisis and recession. The lowering of mortgage payments for homeowners frees up additional capital and encourages the increased consumer confidence, spending, and investing that are necessary for a complete economic recovery. It is urged that homeowners do their part, and speak to an Attorney regarding loan modification representation to lower their payments, and help stop the foreclosure epidemic that is still wracking the Nation.

By: Loan Modification Zoom

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Loan Modification Zoom may be able to help you save your home and stop foreclosure through a loan modification and other loss mitigation services. Contact us today by visiting us on the web through the links above or by calling toll free (866) 760-9099.