Boca Raton, FL (PRWEB) December 21, 2009
With the current unemployment rate in the U.S. rising to nearly 10%, the foreclosure crisis has affected nearly 938,000 properties between July to September, compared with 890,000 in the previous quarter, and a 23% increase from the third quarter of 2008. According to RealtyTrac, if this trend continues, foreclosures may hit about 3.5 million this year, compared to 2.3 million homes last year.
“With foreclosure rates rising, it is important for homeowners to be educated about how they can prevent foreclosures. Though the Federal Government’s $75 billion loan modification program has achieved its goal of beginning trial loan modifications for 500,000 financially-troubled homeowners, a large number of homeowners are still at risk,” said Farid Dallal, owner and CEO of Keeplivinginyourhome.com Loan Modifications.
According to Mr. Dallal, though many lenders consider troubled homeowners for a mortgage modification to avoid foreclosure, more borrowers could face foreclosures as their moratoriums end. “I believe that homeowners should be given the opportunity and help needed to keep their homes. The loan modification process can be very confusing for homeowners. The fact is there are no real set parameters that qualify a homeowner for a modification,” said Mr. Dallal.
He also added that most banks are currently taking between six months to a year to make a decision on a mortgage application. Quite often, after waiting for so long, the loan modification is denied and the homeowner has to eventually face foreclosure. “Buyers who apply for loan modifications should first understand what the process entails. Loan modifications can affect your credit rating by a 50-100 points. If your financial situation is only temporary, it may not be the best option since it would be difficult to rebuild your credit.”
To prevent a foreclosure, Mr. Dallal advises borrowers to contact their lender to discuss foreclosure prevention options as soon as they realize they have a problem making payments – the longer they wait, the fewer options they may have. They should also be wary of foreclosure recovery scams and educate themselves about their mortgage rights and foreclosure laws and time-frames in their state.
“At Keep Living In Your Home, we believe the best way to stay in your home with an affordable payment is to assess the current situation and determine what steps are necessary to qualify for a refinance. A refinance has set parameters that have to be met in order to qualify, which helps our loan officers determine what needs to be done to make the refinance a reality,” Mr. Dallal commented.
For more information, call 1-877-500-3001 or visit http://www.keeplivinginyourhome.com/loanmodification/loan-modifications/checkeligibility.asp
About Keep Living In Your Home, Inc.
Keep Living In Your Home is a cost effective loan modification company, that provides loan process, refinance, home purchase, debt consolidation, and home equity loan services. The company provides clients with the knowledge they need to make the right decisions to move forward with the loan process. With its highly knowledgeable and professional mortgage consultants and processing department, Keeplivinginyourhome.com Services gives clients the best loans to fit their needs. As an industry leader, the company takes pride in its vast knowledge of the mortgage industry and the products it offers to borrowers. For more information, visit http://www.keeplivinginyourhome.com/loanmodification/loan-modifications/states.asp?id=32
Keeplivinginyourhome.com is now focusing its loan modification services on the follow states. Alabama Loan Modification, American Samoa Loan Modification, Arizona Loan Modification, California Loan Modification, Colorado Loan Modification, Connecticut Loan Modification, District of Columbia Loan Modification, Federated States of Micronesia Loan Modification, Florida Loan Modification, Guam Loan Modification, Hawaii Loan Modification, Idaho Loan Modification, Indiana Loan Modification, Iowa Loan Modification, Kansas Loan Modification, Long Island Loan Modification, Louisiana Loan Modification, Maine Loan Modification, Massachusetts Loan Modification, Michigan Loan Modification, Minnesota Loan Modification, Missouri Loan Modification, Montana Loan Modification, Nebraska Loan Modification, Nevada Loan Modification, New Hampshire Loan Modification, New Jersey Loan Modification, New Mexico Loan Modification, New York Loan Modification, North Carolina Loan Modification, North Dakota Loan Modification, Oklahoma Loan Modification, Oregon Loan Modification, Puerto Rico Loan Modification, Rhode Island Loan Modification, South Carolina Loan Modification, Tennessee Loan Modification, Texas Loan Modification, Utah Loan Modification, Virgin Islands Loan Modification, Virgina Loan Modification and Washington Loan Modification.
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