The foreclosure crisis is still raging on, weighing down home prices and hindering economic recovery. And even though new laws have given better protections to homeowners, experts in the industry and economists say there is evidence to show these protections are extending the economic crisis, according to Reuters.
A recent study conducted by the Federal Reserve Bank showed that judicial review of foreclosures has not long term benefit for troubled homeowners and protracted issues in the housing market.
This is a conundrum for lawmakers who want to prevent their constituents from losing their homes and protect them from the egregious acts of mortgage lenders, but also want to put the country back on the road to financial recovery.
Conservatives and free market economists say that allowing foreclosures to move through the system efficiently will enable housing prices to bounce back.
On the other hand, Democrats feel that offering foreclosure relief is beneficial to homeowners, by allowing them to retain their most valuable possession and prevents blighted communities.
But homeowners should have the right to fight for their home, especially if a mortgage lender has used corrupt practices such as robo-signing to begin the process. A foreclosure attorney will assess the homeowner’s situation and determine if they are eligible for a short sale, or able to save their home through a mortgage modification or a personal bankruptcy.
Unemployment, under employment and medical issues are three of the primary reasons, but certainly not the only reasons, people have difficulties paying their mortgage payments. A foreclosure lawyer gives these individuals the opportunity to challenge their foreclosure or negotiate for a loan modification.
Any homeowner who chooses to fight for their homes will benefit from the experience and services of a foreclosure attorney.
