Mortgage lenders being asked to be more open to loan modifications to help homeowners

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 4, 2009 -- California, USA—February 4th 2009—With new reports coming out today claiming new home sales have shrunk even further, it is sure to put a damper on the hopes of the real estate industry who were really looking forward to some good news. With wave after wave of foreclosures and news on the weakening economy, there seems to be nowhere to turn for the already battered real estate industry.

However, homeowners have something to look forward to as mortgage lenders have realized the dangers of the spiraling economy and want to assist their customers in being able to afford their home. Most lenders are open to a home loan modification for homeowners to avoid foreclosure. Organizations like The Loan Modification Foundation have been convincing banks that avoiding foreclosures and approving loan modifications are in their best interests.

According to Bridget Toomey of The Loan Modification Foundation “Foreclosures and the general slump in the real estate industry affects not just the homeowners but also everyone connected with the industry including home builders, retailers, banks, etc. Hence it is all the more important for any mortgage lender to make sure that their customers can keep up with their monthly mortgage payment to save their home right now which will help the entire economy in the future.”

President Barack Obama’s plans of tax breaks for the industry to help the slump will have to be backed up by the banks helping their customers in loan modifications if the industry has to survive the crisis which looks like it will be at least 2010 before the market starts to improve.

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