Many homeowners are still having difficulty meeting mortgage payments and are facing foreclosure as a result. Mortgage and foreclosure troubles have continued to plague homeowners despite some servicers freezing foreclosures in certain states, but there are cases where banks have resumed or continue to process foreclosures despite questions that remain.
Homeowners who have attempted to find foreclosure prevention assistance plans or feel that they were unjustly foreclosed upon have often pointed out that servicers had improperly processed foreclosure documents, which could have led to a homeowner not being offered options, like a modification, to stop the loss of their home.
Investigations over unjust foreclosures are said to be in progress from the Treasury, but some mortgage servicers continue to process foreclosures despite questions that still remain over the validity of foreclosure paperwork and processes.
Yet, there are major mortgage servicers that have suspended foreclosures in certain areas or have at least submitted to reviews so that any discrepancy in their foreclosure processes can be found. There are also reports that indicate banks have found no major evidence of improper foreclosure but rather the mistakes that were discovered were minimal and dealt, again, only with documentation practices and not foreclosure validity.
While homeowners continue to seek foreclosure prevention assistance through options like home loan modifications, underwater refinancing, principal reductions, and unemployment forbearance options, there are obvious troubles that continue concerning mortgages and foreclosures for numerous homeowners.
Some homeowners have fought against banks over their foreclosure, but one of the main issues that remains in place is that the majority of homeowners who are being evicted are those suffering from problems related to factors like long-term unemployment. Again, many homeowners are losing their home to foreclosure because of defaulting on their mortgage, and this concerns some individuals more than questionable foreclosure practices
Reports which state that modifications are beginning to slow and may, overall, be unhelpful in the majority of cases, worry homeowners and economists as homes which are sitting empty could cause trouble for housing prices in certain areas of the nation. While it’s understandable that homeowners who aren’t able to pay their mortgage, even if an assistance plan is in place, can’t remain in a home for free, but there are those who believe alternative mortgage assistance plans should be explored before homeowners lose their home.