Relief May Be On The Way

The six big agencies that regulate most of the nation's banking system issued "guidance" Tuesday encouraging mortgage servicers to work with borrowers to mitigate loan losses and keep families in their homes where "possible and appropriate."

Why do I say "relief may be on the way?" Because the two previous statements issued to lenders by these big six agencies, landed on pretty much deaf ears. The basis for the last two were to apply gentle pressure at encouraging lenders at being more flexible in assisting homeowners with delinquent mortgages or facing foreclosure.

Since the nation is experiencing record breaking foreclosures and delinquencies, this measure is designed at having lenders pursue more options to foreclosure. These options include loss mitigation, converting Arm's into fixed rates, loan modifications, defer payments, or combinations of all of the above.

These are the practices we at Keep My Home Today have been negotiating for years for our clients. Why is the mortgage industry and the federal government just now catching up? Could it be we have set a precedent? We'll see

Last week President Bush was scheduled to make what we hoped was going to be large reforms in the mortgage industry that would help millions of struggling homeowners. Instead, he only made suggestions to congress for legislation on changing the tax codes for assisting homeowners that were forced to do short sales.

Currently, if a homeowner does a short sale, which is selling their home for less than what is currently owed on the mortgage balance, the IRS taxes this shortage as income. This is insane of course, but nothing was said by our President that addresses the real mortgage practices or Nationwide foreclosure concerns.

Early intervention with your mortgage company is crucial. You don't have to be delinquent in your mortgage payments to seek assistance. If you foresee that delinquent payments are inevitable, contact your mortgage company immediately for assistance or guidance.

Yours In Prosperity, Robert Brown


P.S. Discover why we are light years in front of the Fed's at resolving delinquent mortgages and foreclosure concerns for Americans nationwide.
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