In January, Citi Bank agreed with lawmakers to give authority to bankruptcy judges to alter existing mortgages. After the agreement was made, much interest was shown on behalf of other lenders who also supported the measure. Borrowers are required to have attempted to work with their lender before hand in attempts to modify their loans, before pursuing bankruptcy. In the event of bankruptcy, judges have the authority to alter mortgages at will to help fit what will work best for the borrower.
This is a big move in the loan modification sector as it is another measure that the government has passed to assist consumers in keeping their house and being able to afford a reasonable mortgage payment. It is unclear whether or not this will be accepted by other major lending institutions.
This news is critical for those seeking loan modification. As more news develops we will be sure to keep you informed here at loan modification sites.
Welcome to Loan Modification Sites . Com! Due to the present economic crisis and large decrease in real estate value, many people have reached the point where they can no longer afford to pay their mortgage payment. If you are experiencing this problem, try not to panic, as you are not alone. Due to the huge increase in loan defaults, banks have begun to work with consumers in refinancing and restructuring their existing loans. Don’t be fooled by scam companies trying to cheat you out of a fee. Here we strive to list the best in the business who are qualified to help you in modifying your loan. We will also keep you up to date of what measures are being taken to help you restructure your debt and what new options become available for you to use. You do not have to give your house back to the bank. Don’t fear, Help Is On The Way!