As you faithful readers know, Encore Real Estate Services has assembled a team to help distressed homeowners (and now in two cases co-signers) who are having trouble making their mortgage payments. That team, the Home Rescue Group has had very good success at getting loan modifications through. They are not magic, it does require the home owner to participate.
Foreclosure counseling can increase one’s chances, double according to one recent study published by core Logic. That article “Foreclosure counseling doubles the chance of mortgage modification” cites information gathered in surveys conducted by The Urban Institute on more than 800,000 households that received home loan modifications in the years 2008 & 2009.
That study nearly parallels what we have seen in our efforts to help our neighbors. While it is no guarantee of success, all too many can attest to the results of NOT doing everything possible to help yourself. While the funding had been pulled from these programs, it has been reinstated.
Not only reinstated, but INCREASED. And the terms have made it possible for many that were previously excluded to now get the relief they so desperately need. Owe more than your home is worth? That is a pretty common scenario in today’s market. The old program allowed a 15-25% deficit, but the new program ignores that number totally. 50% underwater? Can do!
For ALL your real estate related needs and/or questions call or text ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below.
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