California Mortgage Lenders Show Greater Willingness to Mitigate Loans
September 11, 2008
For the month of July, California mortgage lenders completed 12,657 loan modifications according to the state Department of Corporations.
This was a significant increase over the last few months. The July statistics are up about 17 percent from June and more than double the number since the beginning of the year. The statistics are based on 10 lenders that are reporting to the state regarding their transactions.
It has clearly taken some time for lenders to get on board with the option of performing loan modifications. This latest data supports that a shift is occurring in the industry and it is only a matter of time before the majority of lenders are actively participating in loan mitigation.
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Everyday, struggling homeowners call foreclosure and loan mitigation hotlines for help on how to save their homes. This is just a small sample of a larger problem. Foreclosures, short sales, adjustable mortgages, and financial or personal hardship have wreaked havoc in the marketplace. The need for loan mitigation is paramount.
At Loan Mitigation Advocatessm, we encourage homeowners to try and resolve their situation themselves. In many cases, the homeowner realizes the complexity of the situation and that they do not have the time, connections within the lending industry or negotiation power. This is where many homeowners turn to a loan mitigation advocate. The hiring of a specialist to handle the process from start to finish can ease an already stressed situation, reaping benefits long into the future, and most importantly, help you, the homeowner, stay in your home.
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