It seems impossible to many homeowners that they could prevent their homes from being taken once they are in foreclosure. Undoubtedly, it would be of great help to these people to know that loan modification programs exist and can actually help to prevent foreclosures.
During the last few years, the US has been in a serious recession. Unemployment is high and there are a record number of homes in foreclosure. Unfortunately the real estate market is very slow, so those homes will be vacant for some time yet. Those homes are vacant, correct? No, actually many of them have uninvited guests – termites!
The current economic crisis and the chance of an impending recession has driven the average real estate market, which worked on speculation and gambling to a virtual standstill. The credit that usually sustained it has disappeared as savings associations have started to massively recall their loans and to bring foreclosures down upon those who have defaulted.