Federal and state officials, eager to stabilize the housing market, have leaned hard on mortgage companies to honor their pledges to help more homeowners avoid foreclosure.
But in California at least, the mounting pressure has so far produced only modest results.?? The most common from of avoiding a foreclosure is by negotiating a Loan Modification.?? Loan Modifications can include reducing the interest rate, extending repayment from 30 years to 40 years, or reducing the principal due. The goal is to arrive at monthly payments - including property taxes and insurance - that typically represent between 30 to 40 percent of a homeowner???s monthly income.
Many homeowners will attempt to negotiate a Loan Modification with their bank, but there are some homeowners who turn to counseling agencies like MBA Commercial??for help when in seems their bank is unwilling to negotiate or the process seems to difficault for them.?? Homeowners who turn to counseling agancies??run the gamut from those facing imminent foreclosure to those up-to-date with their loan payments but worried about their future ability to pay.
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If you are looking for help negotiating with your lender contact MBA Commercial or call Toll Free, 800-958-1952 and listen to our recorded message available 24 hours a day.
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