Delaware Loan Modification
Delaware represents only a small percentage to the total properties that were involved in foreclosure activities. In November of 2008, less than 1% of 259,085 properties came from this state. For this reason, Delaware has a relatively low foreclosure rate. According to the latest data, the state is only 34th in the country in terms foreclosure rate activities. This means that one in every 1,622 properties in the state is being foreclosed or was served with foreclosure notice.
But even with an impressive rate, the real estate industry in Delaware is on the verge of going down. While other states are slowly rebounding as they now have fewer foreclosure activities, Delaware reported an increase of 14% from October to November. When the number of foreclosure activities is compared to last year’s data in the same period, an increase of 79% could be noticed.
And there might be more.
Delaware is currently experiencing an increase of unemployment in their state. This is typically a signal of increasing foreclosure activities since more and more people in the state are being laid off and have a trouble looking for work.
Saving the Property Through Loan Modification
But this doesn’t mean Delawareans will just sit back and watch their properties dissolve into thin air. As soon as possible, get in touch with a loan modification company or consider going into negotiations with your lender. By entering into negotiations, you are preventing foreclosures because you are providing signals to the financial institution that you are willing to save your property.
Loan modification is an increasingly popular concept on saving your property. As the name suggests; this is a type of transaction wherein you ask your lender to make some changes in your mortgage agreement. There are a good number of companies in Delaware that offer this type of service. As real estate experts notice the downward trend of the real estate industry, offering loan modification services is a viable business to offer.
But loan modification is more than just extending your payment terms. This type of negotiation aims to slash a percentage of your current mortgage payment. Some of the missed payments could be slashed off or the interest rate will be reduced. This way, you’ll have an easier payment terms and would resume payment on your mortgage as soon as possible.
Industry Saving Service
There are critics to loan modification services as it is thought that loan modification will slowly destroy the real estate industry. But the truth is actually the opposite. The slump in the real estate industry is being addressed by loan modification procedures. Property owners will prevent foreclosure while financial institutions don’t have to go through messy and resource exhausting process of foreclosure.
A key fact in loan modification is that there is a screening process. This ensures loan modification will not be abused by consumers. Only those that are really in hardship situations could avail to this type of service. A good example is when you just lost your job because your company closed down. In Delaware, this is a highly likely situation. That is why if you missed your mortgage payments for months because of your financial problems; contact a loan modification company as soon as possible for screening.