To date, only a very small percentage of loans have received modifications. And, even those modifications are only good for number of years. At the end of the modification term, the loans revert back to what started this mess in the first place. Where will you be then? If you have already entered into a modification of your mortgage, take a close look at what you “really” agreed to.
In October 2009, Josh Fuhrman, a representative of the Home ownership Preservation Foundation spoke at a town hall meeting and asked homeowners to be “patient” about the slow pace of loan modifications. It is common knowledge that only a very small percentage (about 12%) of people who qualify for relief actually get approved for a loan modification. Should the other 88% just sit tight while lenders foreclose on their homes? Seem fair? Remember, most likely, YOU ARE IN THE MAJORITY 88%!
Did the bank loose your paperwork or as you to resubmit it every 30 days. Homeowners are under a false sense of security thinking they are safe from foreclosure and do not seek other remedies. Homeowners are using their common sense of fairness thinking that the lender will not proceed with the foreclosure. THIS IS NOT TRUE.
Many lenders do not close foreclosure proceedings even if they offer you a loan modification. If you are in the middle of a loan modification, expect a foreclosure, or are being foreclosed for a Florida property that you live in or rent, contact a Florida Foreclosure Lawyer to discuss your rights or review your proposed loan modification.
For more information on Jacksonville or Florida Foreclosure Defense See the Florida Foreclosure Defense Lawyers Blog.