Believe it or not, you actually hold the upper hand when it comes to Obama Mortgage Loan Modification in this situation. Your lender will have to pay a very high price to foreclose on your home. Added to this, is the mounting pressure from other companies and organizations for your lender to be more lenient with you in these hard times.
Think of all the memories your home holds for you. Do you recall the lazy days lying around or watching the children play. Maybe you have experienced countless emotions. Whether you have been happy, sad or angry, your home is something that you don't want to lose! Your lender is not in the business of selling homes. The additional costs and fees associated with foreclosure will leave your mortgage provider looking for other suitable solutions.
Economists are still predicting that there will be a heavy load of foreclosures even in 2010. They say that they are expecting around 4 million foreclosure notices to be sent throughout the United States but they also include that they expect this to be the peak and that it will stabilize and gradually decline after this. These homes are those that are unable to be qualified for loan modification plans. For some of these that may have been, the home owners simply waited too long before reacting.
These statistics, even though they show that foreclosures have been increasing certainly does not mean that Obama's plan has not been working. The jump between 2007 and 2008 was beyond what anyone would have imagined but the plan had not been implemented at that time. This plan was only put into place in the spring of 2009 and was still only hitting the main media streams in late 2009. While there were advertisements on the television and over the internet, many people remained uninformed and went without these solutions. Now that the information is getting more widely spread and is more accurate, there is an increased number of loan modification applications before handed in.
With close to 4 million loan modification applicants and more to come, the influence of these solutions should be seen within the next year in the number of foreclosures that are being completed. The offer that the government has made does not end until 2012. This gives more time for those individuals who have been procrastinating to finally make their decision and stop the perhaps inevitable foreclosure. While more individuals are realizing the need for loan modification, the numbers of foreclosures will eventually decline. Because the economy takes time to turn around, it may not be for another year but at least the times are looking up.
Think of all the memories your home holds for you. Do you recall the lazy days lying around or watching the children play. Maybe you have experienced countless emotions. Whether you have been happy, sad or angry, your home is something that you don't want to lose! Your lender is not in the business of selling homes. The additional costs and fees associated with foreclosure will leave your mortgage provider looking for other suitable solutions.
Economists are still predicting that there will be a heavy load of foreclosures even in 2010. They say that they are expecting around 4 million foreclosure notices to be sent throughout the United States but they also include that they expect this to be the peak and that it will stabilize and gradually decline after this. These homes are those that are unable to be qualified for loan modification plans. For some of these that may have been, the home owners simply waited too long before reacting.
These statistics, even though they show that foreclosures have been increasing certainly does not mean that Obama's plan has not been working. The jump between 2007 and 2008 was beyond what anyone would have imagined but the plan had not been implemented at that time. This plan was only put into place in the spring of 2009 and was still only hitting the main media streams in late 2009. While there were advertisements on the television and over the internet, many people remained uninformed and went without these solutions. Now that the information is getting more widely spread and is more accurate, there is an increased number of loan modification applications before handed in.
With close to 4 million loan modification applicants and more to come, the influence of these solutions should be seen within the next year in the number of foreclosures that are being completed. The offer that the government has made does not end until 2012. This gives more time for those individuals who have been procrastinating to finally make their decision and stop the perhaps inevitable foreclosure. While more individuals are realizing the need for loan modification, the numbers of foreclosures will eventually decline. Because the economy takes time to turn around, it may not be for another year but at least the times are looking up.