There is a promising stream of good news and positive indicators pointing to the improvements in the economy all across the country. However, most Florida homeowners judge the recovery of the economy and their ability to survive the recession based on their individual situations. For some Florida residents, the ability to receive a loan modification and avoid foreclosure has helped them ride out the recession and stay in their homes despite the hit they may have taken in the recession.
According to recent figures, millions of Americans have benefited from loan modification programs. Just in May alone, 74,000 homeowners were approved for loan modifications from their mortgage providers. This number reflects those who were able to receive modifications thanks to government programs and private programs also.
The number of people who have benefited from loan modifications and even short sales has outpaced the number of those who have had to face foreclosure. This trend is widely seen as a sign that there are positive strives being made in the way of keeping homeowners in their homes. The trend is also reflective of how banks are working harder to help struggling homeowners keep their homes.
While there is no way to definitively predict how well everyone will recover from the housing collapse and recession, the ability to seek a loan modification has given many Florida homeowners options other than foreclosure. A loan modification can be a timely and complicated process. Knowing all of the facts and benefits beforehand can help homeowners decide the best course or action for their particular situation.
Source: nationalmortgageprofessional.com, “Nearly 75,000 Loan Mods Granted in May,” July 17, 2013