It is being widely reported today that Chase has teamed up with several Eastern County Sheriffs Departments to attempt to divert foreclosure sales by arranging homeowner/lender meetings for the purpose of attempting resolutions.In addition Bucks County announced that the legendary Issac S. Garb former Chief Judge, would act as a mediator between lenders and borrowers in an attempt to modify mortgages that are in default/foreclosure status.
This development is worth watching. on the one hand it is commendable that the Courts are trying to assist borrowers who are in foreclosure. But, on the other hand the true motivation may be to decrease the case load in the foreclosure area which is growing steadily month after month.
These programs beg the question, whose interests are really being served. Will the Counties truly try to resolve the foreclosures in the best interest of the borrower, or will reducing the case load be the primary goal.
Who is paying for these programs? Will there be income qualifications or will all homeowners be permitted to utilize the service at the tax payer's expense?
Too much government intervention often creates more problems then it solves. Many homeowners have not paid their mortgages for many months and should have funds available to engage lawyers, or private mortgage modification companies to resolve their foreclosure. Many private mortgage modifications companies are operated by individuals who are experienced in mortgage banking. They have the knowledge and ability to analyze the homeowners finances and accept only a modification that is realistic for the homeowner.
E Mortgage Recovery LLC is an experienced Modification Company and we look forward to helping homeowners for a reasonable fee. Call us at 610-317-1501 ext 108.
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