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How is Loan Modification Work

Todays Date: October 22, 2018

Is this MORTGE MELT DOWN affecting YOU, your FAMILY, your FRIENDS, your STREET or your TOWN? When you call your BANK and ask for HELP who’s best interest do you think they have yours or theirs?

Mortgage lenders don’t attempt to rework most home loans in foreclosure because it would possibly mean losing money, a study released yesterday by the Fed Reserve Bank of Boston concludes. The Boston Fed’s findings suggest the Obama administration’s major effort to resolve the foreclosure crisis by giving the lending industry $75 bln to rewrite delinquent loans to more affordable levels is not likely to work.

It just reduces down to the fact that the banks do not wish to loose cash helping you. ‘The failure to do these modifications means the entire situation stays bad longer.” Help is now available through non-profit companies.

According to the Office of the Comptroller of the Currency, lenders are trying to maximize profits, and at this point maximizing profits does not mean modifying loans. As a result, the number of foreclosure proceedings increased to 844,389 during the first quarter of 2009, up 73% from the first quarter of 2008. Foreclosures continue at a high rate. “There are something like 2.5 million U.S. homes in foreclosure now, and 250,000 new foreclosures starting every month,” according to Valparaiso University law professor Alan M. White, who has studied the issue. “They are not even making a dent,” he said of the administration’s program.

The bottom line is who is going to help you with your LOAN PROBLEMS? Who can you trust not to hurt you? Are the private companies out there in compliance with the GOVERNMENT or are they SCAMS? It appears that the private sector does have solutions. Non-profit agencies have the tools to FIX your problem.

You have to do your homework like never previously because this is your cash and FUTURE and no one cares more about your MONEY than you do!

Want more info? Go to stop house foreclosure to read more.

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