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As if the economy hasn't already contributed enough to the current state of the real estate market and mortgage lending industry, its effects continue to spread into our lives. Much of the foreclosure trouble experienced over the last few years has left people without homes, damaged credit and skeptical about the future of home ownership. As the government works to turn things around and bring some sense of relief and recovery to a struggling market, mortgage debt relief options are still be impacted by the state of the economy. Limited Options Even though lenders have been ordered to open up mortgage relief qualifications and relax their lending standards, many lenders are still keeping a tight lid on their operations. One of the biggest concerns for current homeowners who are facing or may face foreclosure in the future is whether they will be able to successfully negotiate a deal with their lender and keep their home. Mortgage loan modifications have never been the easiest form of mortgage relief to come by, but these days securing one can be near impossible. Lenders blame poor credit scores for disqualifying homeowners, when many hold scores on the spectrum between well above industry standards and slightly less than perfect. Even refinancing options have become more of an ideal than an actuality. Despite aggressive marketing campaigns of refinancing offers, many lender are still turning people away. For those that do qualify, many are jumping into refinancing offers that leave them worse off than before. One mistake homeowners make when pursuing refinancing is not evaluating whether refinancing is their best option. The out of pocket costs associated with refinancing can leave an already financially strapped homeowner in debt over an opportunity to lower their monthly payment. Also, people forget to evaluate when is the best time to refinance their mortgage. Interest rates are low, but are also predicted to stay low for quite some time. Homeowners shouldn't rush into refinancing if they can't afford it, can't secure a rate low enough to make a difference or are unsure whether they will stay in their home long term. Other Options Homeowners should always consult with a professional before jumping into a mortgage relief solution. Real estate experts, foreclosure attorneys and financial advisors can all help evaluate the options available and help determine which solution may be the better option. There are also numerous resources available online or through federal programs that can help educate and inform consumers about their mortgage relief options. In an unsteady economy, the last thing anyone should do is rush a decision over fear of impending foreclosure.
The Lee Law Firms foreclosure lawyers have many years of experience in all aspects of mortgage loan modification. They have extensive knowledge of the mortgage modification process and aim to help their clients keep their house out of foreclosure and obtain a solid financial future.
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