All across the country the foreclosure process is slowing. With many of banks freezing the foreclosure process giving delinquent borrowers the opportunity to get another breath. Having the ability to stay in the home for months after they make the decision to stop making the mortgage payment. The news is that it is taking as long as eight months to get through pipeline of foreclosures building up in the banks. This is adding about 2 to 3 months more to the process.
Borrowers are now staying in the home for months after the foreclosure proceedings have started, that means that Freddie Mac is left to evicting process.
A record number of foreclosures is the contributing factor to the slowdown, and to top it off the mounting number of legal questions surrounding bank procedures.
Banks robo signing foreclosure docs. What a mess.
So the question is – what is the better procedure for the homeowner/borrower – they just want to keep the property, right?
Foreclosure or Principal Mortgage Reduction.
Foreclosure should be the final step for the borrower naturally, but with the market so underwater there should be no question that legal advise is best.
First see if you are victim of Predatory Lending.
If you feel that you are a victim you can take advantage of a Free, No Obligation Review of your loan documents.
Click on the link fill in the form, you’ll receive an email with instruction about sending about 10 to 16 pages of your loan documents with bar-coded to a secure site for documents to go through the review.
Makes no difference if you are in foreclosure now, thinking about stopping your mortgage payments, or just plain underwater with your loan.