Bank and Fannie Mae Foreclosures Concerns Get Attention

by Peter Vernon on Foreclosures

More often than not, homeowners facing the possibility of bank or Fannie Mae foreclosures are provided with advice during court proceedings, right after the foreclosure document has been filed. Now, residents of the state will get help earlier than usual through the Save the Dream Ohio program.

People behind the program are hoping that offering help before the foreclosure proceeding has started can lower the number of foreclosed homes for sale in Ohio. Under the program, homeowners are provided help through housing counselors, lawyers and other members of the Save the Dream effort.

Residents who are mired in bank owned foreclosures for sale problems can call the program's hotline. They can be referred to various agencies for help, including the Southeastern Ohio Legal Services (SEOLS). Members of SEOLS have stated that the program's volunteers and members are knowledgeable about foreclosures and can help homeowners negotiate with their lenders to find an alternative course to foreclosure.

They also revealed that they had seen banks changing their policies to accommodate the needs of homeowners in trouble. This, program members have added, has allowed some owners of properties in foreclosed homes listings to get back on track and retain their dwellings.

Real estate experts who are part of the program have stated that some homeowners who lose their homes to bank or Fannie Mae foreclosures cannot be blamed for what happened. In some instances, experts revealed that it is the bank that delays the loan modification even though modification has already been filed.

This results in homeowners being put in a position where they do not have a choice but to lose their properties. The speed by which loan modification processes are acted upon usually depends on the city where the homeowner lives and on the courts handling the case. Members of the Save the Dream program remind state homeowners that there are several programs available to save their homes, including the Home Affordable Modification Program (HAMP) and the Home Affordable Foreclosure Alternatives.

They also remind homeowners who are facing Fannie Mae foreclosures that there are programs like HAMP offered by the government which can help them keep their homes. Local real estate experts encourage homeowners to get in touch with their local governments to find out about these programs.

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