Strategic Mortgage Default A Nation In Distress
When a homeowner is facing troubles in paying their mortgage and stops making payments
, they then move into mortgage default.
A recent study showed that about 35 percent of homeowners strategically go into default, according to a report in the New York Times.
Strategic mortgage default is when a borrower makes the decision to stop paying their mortgage, often because the property value is less than the outstanding mortgage principle.
Many times these homeowners feel that if their lender sees that they have stopped paying their mortgage, they will be more inclined to modify their loan.
What many people do not realize is that the bank will not take that motion as a reason to help you, rather many times they move forward to the next step, foreclosure.
Millions of Americans need help with foreclosure and especially now more than ever. Homeowners are stressed and scared of what steps to take in securing their loan modifications in lieu of all the current foreclosure abuse cases.
The Mortgage Forensic Audit can help uncover any predatory lending practices that were made in your loan documents and be used as legal leverage to secure a modification and restructure your mortgage.
If a loan modification is not an option; a Deed in Lieu of foreclosure might be a better route to take and it will reduce negative effects on your credit.
Foreclosure lawyers, such as Drew Alia, work every day to provide mortgage rescue for homeowners, nationwide.
This is where more lawyers need to be, but; their eyes are not as open as mine.Drew Alia
Frustrated, New Yorks Courts Focus On Foreclosure Prevention:
A new program is in talks among New Yorks courts in efforts of minimizing delays in the foreclosure process and keeping those in mortgage default in their homes, according to The New York Times.
The program would give judges increased control of the cases and require the banks to send officials, who have the power to keep the borrowers in their homes, to hearings.
There will be no more excuses, no more delays, the states chief judge, Jonathan Lippman, said in announcing the plan last week, The Times. Real negotiations will take place.
The state is hoping others will follow in efforts of improving court systems in foreclosure proceedings throughout the U.S.
Court officials announced that the new program would begin this spring in Queens and then be worked through the city and into the suburbs.
The program is in hopes of keeping those who need help with foreclosure in their homes, if warranted, and bringing an end to delays resulting in backlog.
Some homeowners lawyers said they welcomed the plan because thousands of settlement conferences had seemed nearly futile, as reported in The Times.
by: michaelryson
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