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The Halt to Foreclosures will have an impact to DC area homeowners | Business

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The Halt to Foreclosures will have an impact to DC area homeowners

Recently, there has been a halt to foreclosures on homes where the mortgages have fallen into default. The onus has been put on the lenders to prove that they have the right to foreclose. Judges have started dismissing foreclosure actions against homeowners as it has become clear that the banks do not have clear title or standing to foreclose.

What this means to struggling homeowners is that they now have an opportunity to challenge banks that may not have been helpful in the loan modification process. Very few homes have been successfully modified under the HAMP program and the blame for this is being laid right at the banks front door. From the entire modification process being characterized as unhelpful to downright deceptive, this moratorium on foreclosing will give homeowners a chance to negotiate favorable terms with their lenders.

This debate has made its way to Capitol Hill as Attorney General Eric Holder and Senator Christopher Dodd, chairman of the Senate Banking Committee, have stated that they will be looking into allegations of improper foreclosures.

During this time period it would be wise for homeowners to work with their lenders to modify their mortgages if they are in default and to seek reputable assistance if they are overwhelmed.


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