The Current Housing Market Status

According to a statement made by FHFA Director James B. Lockhart on a speech he made during the celebration of Veteran’s Day last November 2008, foreclosures hurt not only families, their neighbors, whole communities, but in fact, the overall housing market.

We all know the statement to be true. In fact a lot of homeowners whose houses are currently on mortgage are having a hard time coping up with their monthly payments. The truth is that delinquencies on mortgages have tripled, thus increasing the number of foreclosure at a high, which is 150% as compared to the 2 years past. The effect of this to the overall housing market is that housing prices have fallen drastically.

Now, what are the implications of this to a homeowner who already is delinquent on mortgage payments and now owns an ‘upside down’ property?

Let us say for instance that you’re one of those homeowners. The implication is that you have to choose whether to:

1. Foreclose
2. Short sell
3. Retain Ownership

The good news is that you need not worry if in case you’re behind on mortgage payments, facing foreclosure, and owning an ‘upside down’ property. You need not give up ownership of your house and opt for foreclosure because you don’t want to lose the one thing that you’ve worked hard to acquire. You also need not sell your house short.

Retain ownership! That’s the best thing that you can do. Apply for a ‘Loan Modification’, that is the best option you have in order for you to retain ownership of your house, be able to maintain regular mortgage payments, and have the financial freedom to spend your hard earned money for other things that you need.

Call us and learn more about ‘Loan Modification’. Allow us to help you make the difference. Be part of the relief in the hurting housing market situation. Act now!