As some homeowners loose their homes, involuntarily, to their Mortgage Lender, others are doing everything and most anything they can to hold on to their American Dream; wishing and hoping that things will get better in time to save their homes from foreclosure.
According to a piece in USA Today recently,"foreclosure filings surpassed 3 million in 2008..." At a rate of approximately 61,000 a day, according to other reports, many homeowners have little hope that events, planned and unplanned, will develop in time to protect their homes from foreclosure action sale.
The President, himself made it clear that," not everyone will be helped... not all homes will be saved " So it's for the homeowner to determine, from information available, if their mortgages can be restructured or modified, and if not, what then are their options.
This Blog has learned that the Mortgage Lenders (Banks), who are accepting Loan Modification and Loan Restructuring Applications, appear to be giving priority's to the more terminal mortgages - homeowners who have missed payments, received Notices of Default, and those who have received Foreclosure Sale Notices,have become the priority.
Homeowners who are still current with their mortgage payments,but for whom finances may have tightened, due to reduced income from fewer hours at work or the loss of a spouses' employment, will have to wait in line. The concern of these homeowners is 'time' - will they get their application approved for modification in time before they are forced to miss their mortgage payments? Will the spouse get another job in time to prevent a missed mortgage payment. Will the other spouse be able to hold unto their employment to give the Loan Modification Application time to be processed and approved?
And what about homeowners whose Loan Modification Applications are getting the first consideration due to their more dire situation? It is understood that priority treatment is not at all an indication of success for their application. They need to prove their ability to successfully make their mortgage payments going forward. If they are unable to satisfy the Banks that they have that capacity, they may not be approved for loan modification and restructuring.
No one knows better than the homeowners themselves, their income and financial circumstances. With the right advice from accredited and honest professionals they could save themselves undue stress and worry by making the right decision going forward -To use a couple cliches - there are times we all need to take a step back in order to take two forward... we sometimes need to know just when to hold them... or when to fold them.
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