Long Beach Homeowners - Foreclosure Relief is on the Way!

LONG BEACH REAL ESTATE - FORECLOSURES - SHORT SALES

Keeping Families in their Long Beach Homes!

This Thanksgiving day we have some good news for Long Beach Homeowners facing the possibility of foreclosure. California Governor Schwarzenegger has worked with loan service providers from: Countrywide, GMAC, Litton and HomEq to agree to streamline "fast-track" procedures to help keep more subprime borrowers in their Long Beach homes.  These service providers are responsible for having issued more than 25% of current subprime mortgage loans. 

Seven of the top sixteen metropolitan areas with the highest rates of foreclosures in the nation are in the state of California, according to the latest data from RealtyTrac.

Read the entire Press Release:

Governor Schwarzenegger Works with Lenders to help Avoid Foreclosure

Back in October 2007 Sheila Bair, the Federal Deposit Insurance Coproration (FDIC) Chair, encouraged lending agencies to keep subprime mortgage borrowers at their initial interest rate if they are living in their home, making timely payments, but can't afford the loan "re-set"--or jump to a higher rate.  A half million Californians have subprime loans that will jump to higher rates in the next two years. Bair's proposal has been endorsed by the newspapers including the Wall Street Journal and New York Times as well as public and community leaders.

What does this mean to the Long Beach Homeowner?

If your Adjustable Rate Mortgage for your primary residence is about to reset the lenders are going to work with you to keep you out of foreclosure.  If you are in trouble or about to be in trouble you need to contact your lender and let them know now. 

Losing your home is the American Nightmare, lenders have been commissioned to keep people in their Long Beach homes and to minimize the amount of foreclosures.  Take advantage of the Governors efforts and contact your lender as soon as possible to avert a financial tragedy and to keep your Long Beach home. 

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Posted on November 22, 2007 19:28:23 by Laurie.Manny

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