Cape Coral Florida's Real Estate Guide

With the rises in interest rates and unemployment comes the harsh reality of a higher rate of foreclosures. With so many people unable to make their monthly mortgage payment and home prices plummeting every day, what can be done to slow this vicious cycle? The government and private lending institutions are instituting new plans to help relieve the pain of foreclosure through various types of loan modifications. Watch this video to see what I mean:

Banks like Citi, HSBC, and Bank of America are taking  the cue of JPMorganChase and reaching out to borrowers who are in danger of default and/or behind in their payments and offering them solutions to keep them in their homes and out of foreclosure.  They may extend the term of the loan, reduce the interest rate, or reduce the loan principal to achieve affordable payments for the borrower. As so elegantly stated in the above video, the government has injected billions into these institutions and now it is time for those funds to trickle down to consumers. By modifying loan terms, these banks can help to strengthen the real estate and mortgage markets by stopping the steady decline of home prices. This can put the real estate market back on track for growth in the future. If you are having trouble affording your mortgage or if you are already behind in your payments, consider contacting your loan servicer to find out what they may be able to do for you before it is too late.