Loan modification 2010
2010 Loan modification outlook:
The economy and the real estate market should definitely be on the upswing by the time 2010 hits in a couple of months. That means that the unemployment rate should start to fall and stay far away from double digits, and the rate of foreclosures should actually turn negative year over year in most areas. This is all great news for most people.
However, if you think that you might need a loan modification in the year 2010, you could be at a disadvantage to those who got their loans modified when the economy was at its absolute pits. There are endless amounts of resources devoted to saving homes from foreclosure when many houses are facing foreclosures, but when the economy starts to pick up the pace and less people are facing foreclosure, then the homeowners who do have to still get their loan modified do not have as much “ammo” to work with.