New York, New York (PRWEB) July 11, 2013
Though the economy is showing signs of life and the real estate market has come roaring back, there remain thousands of American homeowners who struggle to meet their mortgage payments, many of them still burdened by the financial woes of recent years; according to the team at WT Lee & Associates, however, many American homeowners may soon get relief on their mortgage payments. The law firm highlights a recent article from AOL Real Estate, which heralds the new Streamlined Modification Initiative. This new federal program is intended to make it easier than ever before for borrowers to receive home loan modifications. WT Lee & Associates has weighed in on this new initiative with a statement to the press.
The AOL Real Estate report declares this new program to be good news for homeowners. “Starting this week, hundreds of thousands of struggling borrowers could be in for a pleasant surprise,” the article states. Continues the article, the new initiative will provide “a quick and easy way [for these borrowers to] get their mortgage payments back on track—and save considerable money.”
The Streamlined Modification Initiative is available to borrowers with mortgages backed by Fannie Mae or Freddie Mac—a population that includes most borrowers in the U.S.—and who are at least 90 days behind on payments. These borrowers should begin to receive offers from their lenders, to lower their mortgage payments—if they have not received these offers already.
In the firm’s new statement to the press, WT Lee & Associates reveals mixed feelings about the new initiative. “On the one hand, this is definitely a boon to many struggling homeowners, and should provide an easier way to obtain a home loan modification—which is by far the best and easiest way for eligible borrowers to alleviate their financial burden,” offers the firm, in its press statement. Indeed, WT Lee & Associates has long worked with homeowners, helping them secure loan modifications.
“With that said, we worry that this is too little, too late for many borrowers,” the firm continues, in its press statement. “Many homeowners have been struggling for years, due to unemployment, unexpected healthcare costs, or simple economic uncertainties. Banks have dragged their feet and largely proven unwilling to help—which means that, for many homeowners, this new initiative may simply prove insufficient.”
Continues the AOL Real Estate article, “The Federal Housing Finance Agency, which oversees Fannie and Freddie, won't say how many delinquent homeowners will receive the modifications, but the Mortgage Bankers Association reported in May that about 1.1 million borrowers are behind on their loans by three payments or more. Not all of those mortgage holders have Fannie or Freddie loans, however.”
WT Lee & Associates is devoted to helping homeowners overcome financial hardships while staying in their homes, avoiding short sale or foreclosure.
ABOUT:
WT Lee & Associates is a legal firm that endeavors to assist homeowners remain in their homes, even through periods of financial hardship. The firm offers a number of foreclosure prevention services, among them guidance through the loan modification process. Furthermore, WT Lee & Associates provides services in real estate litigation, in bankruptcy law, and in upholding the rights extended through the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. Ultimately, the firm’s passion is for working to help homeowners and their families find the best way forward out of economic uncertainty, and toward reaching all of their financial dreams.