Avoiding Foreclosure is not hard now!

Banks and financial institutions don't want to foreclose the property till it becomes unavoidable because they already have too many non-performing loans in their books. Because of the ongoing global economic crisis, a sudden rise in foreclosure cases is being felt everywhere. Is it the bad economic condition only that is responsible for rise in foreclosure cases or there are many others too?

• Generally the owner owes more than the actual market price of the property. Beside this when a property goes for foreclosure, it further lowers down the property value.
• Many homeowners prefer to ‘Jingle Mail Walk’ by mailing the keys back to the lender and giving up their rights to that property.
• Unemployment and current job cuts are two major reasons for increased foreclosure property cases. Till the economy gets back on the track, we expect the same uptrend in property foreclosures.
• The tendency of spending more than earnings and what is affordable and sustainable while trying to maintain high social status is also one of the prime reasons for increased foreclosures.

• As soon as you get the Notice of Default, call Service Loan Modification Services where you will get the right advice. To understand the complete loan modification process click here