The N.C. Office of the Commissioner of Banks has proposed new regulations that would stop foreclosure once a homeowner asks for a loan modification. Currently, lenders simultaneously pursue foreclosure while working with homeowners who are seeking to modify the terms of their loans, which ultimately leaves homeowners with very little time to avoid foreclosure.
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Thank you for the information. I have been trying to avoid foreclosure and this helps me put things in perspective
I’m not certain I agree with you. I have a relative who is losing his million dollar home to foreclosure. Its a house he has owned for 15 years. He got under water during the subprime mess. He could have saved the house but got so depressed, he could barely function. He used to say I want to save my house but he never did anything about it. Its really sad. If you know someone like this, be supportive. Send them to http://www.savemyhousetips.com for tips.
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Ensure that you are very careful in case you are getting into foreclosure investing, RealtyTrac, claimed last month that February 2010 foreclosures were were lower by two % from the previous month.