Homemade Mortgage Modification

An amazing phenomenon is occurring in households all across the nation. Growing numbers of people today are providing themselves with there very own homemade mortgage modifications. This type of financial remedy doesn't beg a lender for permission. With lenders and loan servicers either unwilling or simply not capable of helping with loan modifications, borrowers are just not paying and offering ultimatums. Lenders are being told either help me stay or force me out.

According to statistics published by LPS Applied Analytics, a company that provides services to many of the nations largest banks and financial institutions, the average borrower currently in foreclosure is delinquent some 438 days before being evicted. More than 650,000 households have not paid anything in 18 months and of those the lender hadn't even begun to take any action against nearly 20%. The numbers are staggering. The NY Times reports that 1.7 million foreclosure procedures have been initiated as many borrowers are choosing not to pay for something that isn't worth even half of what they owe on it. Any moral qualms are quickly dismissed by the belief that the banks created the situation and maybe now it's payback time.

Call it self preservation, selective foreclosure, or whatever term suits the situation. The fact remains that people are beginning to take charge of their own lives while lenders continue looking for ways to minimize losses. In some states lenders can pursue foreclosure outside the courts which can be a speedier process. In states like Florida, New York and others, judicial foreclosure is required. This slows the process considerably. Lenders seem to be more willing to allow time for some sort of alternative like a short sale in these states and generally, given the numbers on the horizon, may be reluctant to take many properties back at all.

For more info on foreclosures,short sales, buying or selling a property in SE Florida call me directly at 561-306-6736 or email ges.rellc@ymail.com
www.ges-realty.com