Wednesday, September 23, 2009
There will be continuous increase in repossessed homes in various areas because distressed homeowners who applied for loan modification to reduce monthly mortgage payments have instead got new loan schedules showing higher monthly mortgage payments and much higher mortgage amounts.
Homeowners found that lenders are adding back taxes, late penalties and other fees in the principle loan amount, which makes it impossible for homeowners to make payments. According to a data, out of all loans modified from January 2008 to March 2009, nearly 27 per cent monthly payments have increased and 27.5 percent had their monthly payments unchanged. The data also shows that many borrowers who had their loan amount modified fall into default because of job loss and other causes.Labels: Increase in Repossessed homes due to higher loan payments
posted by Avoid foreclosure, We buy houses, Stop foreclosure
@ 6:29 AM
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