Have you heard the latest? In California, your politicians have gotten you Distressed Homeowners a reprieve with you Foreclosing Lender. Yes, that’s right, you have been granted a little summer breathing room from you State Government! Are you excited yet? I know, you are still trying to figure out what this means to you right?
Well, I will do my best to give you an idea of what it means and what you need to do to perhaps take advantage of the Foreclosure Freeze.
Are you ready? Here we go!
Your local politician, more specifically, the misses from San Leandro, CA, decided something had to be done to help more people in Foreclosure. She said even though she knew that a moratorium didn’t have as much “bite” as she’d like, that it was better than in a nutshell doing nothing. Well, our hats off to her for doing something,right?
So here’s the deal, if you are in or about to go into foreclosure, you can receive a 90 day reprieve in order to try and workout perhaps better terms with your Lender. Sounds great, doesn’t it? I guess it all depends on where you stand. If your not in Foreclosure it may sound great, 90 days more to not be kicked out of your home! If you are in Foreclosure, not so great, especially if you have been pulling your hair out over the last any given number of months trying to work out a deal with your Lender. You see those who are in the Foreclosure “frying pan” right now have it far from easy. Contrary to popular belief, help is not as easy as just picking up the phone and chatting with your Lender about your options to save your home.
This Moratorium does provide some requirements for Lenders like there must be a provision of a reduced rate or extended loan term to the Homeowner in trouble. The downside is that like most of the other Government driven solutions, the type and workout terms are for the most part optional. Hmmm…go figure, we Tax Payer’s bail out the Banking Industry on a large scale and it is optional as to what or any reasonable relief for that matter they provide to distressed homeowners. But hey, Moratorium, better than nothing right?
So, if you are a California Homeowner in Foreclosure, call your Lender so you can at least get a crack at working out your loan situation. You at least have the summer to hang out in you home, and with the Moratorium, we hope that you will be able to workout the loan terms to your advantage so that you and your family can stay in you home and not have to worry about any future Foreclosure Moratoriums.
For more Free Information on Foreclosure Avoidance and Prevention visit loanmod-doturself.com