More Agencies Working Toward Foreclosure Resolutions

While the foreclosure crisis is still quite bad across the country, it seems that a larger number of organizations in and around the housing industry are now working toward reasonable solutions that will free up the glut of property seizures.

Today, more banks, mortgage-backing companies, federal agencies and consumer advocacy groups are now working together to resolve foreclosure disputes and address larger problems plaguing the housing market, instead of always working at cross purposes, according to a report from the Los Angeles Times. This includes a deal between the 50 states' attorneys general and mortgage companies accused of engaging in the robo-signing process.

Many consumers who face foreclosure may benefit from refinancing their existing home loans to avoid the process. By checking the latest online rate tables to find the best local mortgage rates, homeowners may be able to cut their monthly bills by as much as a few hundred dollars.

However, there are still millions of homes across the country in some stage of foreclosure or in danger of falling into the process, the report said. Meaningful change may not come soon, but progress is being made toward that goal.
Author: Candice Yee
August 31st, 2011
Posted in: Bank Mortgage Rates