Take Advantage of The Banks Unwillingness to Foreclosure With Helps From Yourmortgagerights And Modpilot.

Google+ Pinterest LinkedIn Tumblr +

Foreclosures are down, again. ModPilot helps consumers work with the changing market

Carlsbad, CA – CNNMoney is reporting today that foreclosure filings and repossessions are down again, for the eighth straight month. This may sound like rosy news, but the real question is “why are foreclosure filings and repossessions declining for the eighth straight month?” ModPilot helps consumers and homeowners make sense of a web of conflicting information.

Foreclosure filings and repossessions, which hit record highs in 2010, have fallen consistently throughout 2011. While there are likely a variety of reasons behind the decline, it does not appear that the decline is correlated to a stabilizing of the ability of Americans to pay their mortgages. It is much more likely that the decline is an outgrowth of the “robo-signing” scandal that rocked the mortgage industry and banks’ unwillingness to take on the additional expenses of maintaining a foreclosed home.

State legislatures and courts across the country ordered banks to put up temporary moratoriums on all foreclosure action in light of the robo-signing scandal when the story broke in late 2010. While most of those moratoriums have been lifted, the return to major action on the foreclosure filing front has been measured at best. This accounts for much of the decline in foreclosures.

What’s even better for homeowners is the apparent lack of willingness or ability on the banks’ behalf to pay the additional costs that come with taking care of foreclosed homes. When a homeowner is living in the property, they tend to keep the home in better condition than the banks do, and without the back covering the costs to maintain or sell a property. After foreclosure, the banks have all of the financial responsibility to maintain that property and make it ready for sale. This monthly and annual cost can be extensive, so it is almost understandable when the stories are printed about people living in default for years, not just months.

ModPilot’s Do-It-Yourself Loan Modification guidebook and tutorials are designed to help you take advantage of the bank’s newfound unwillingness to foreclose. If the bank is not willing to take the legal steps to take the home, and they are increasingly unwilling to do so, the trick is to submit a well thought out and positioned request to modify the loan to a payment the homeowner can afford and the bank can stomach.

Share.

About Author

Leave A Reply