Many Florida homeowners experiencing financial difficulties are considering all possible options when it comes to avoiding foreclosure and keeping their homes. A loan modification is often a welcome remedy for families struggling to stay current with house payments and meet other obligations. Approximately 29,000 homeowners had their loans permanently modified in Jan. 2017.
About two thirds of the modifications came through propriety programs, according to a non-profit alliance of mortgage professionals. Around one third of them were done through the Home Affordable Modification Program, or HAMP. While HAMP ended at the end of 2016, applications received before Dec. 31 will still be reviewed.
From Dec. 2016 to Jan. 2017, most industry statistics showed an increase. Number of loan modifications, foreclosure starts and sales all saw a rise in the data. However, the numbers have decreased since this same time last year.
The alliance is comprised of mortgage servicers, counselors, investors and others in the mortgage industry. Its director maintains that the housing market in Florida is improving. The group recognizes that some homeowners still continue to have problems with paying their mortgages and wants to offer assistance.
When financial situations have gotten out of control and there's a struggle to pay bills, avoiding foreclosure may seem impossible. However, a Florida bankruptcy attorney can evaluate a situation and develop a plan of action with the goal for homeowners to keep their houses. A dedicated lawyer familiar with financial issues is a valuable resource for those seeking a loan modification in order to keep their homes and avoid foreclosure.
Source: dsnews.com, "More Consumers Seek Loan Modifications", March 20, 2017