One in ten homeowners in Texas is at risk of losing their homes to foreclosure. In an attempt to curb some of these foreclosures the senate voted to give homeowners that are in default extra time to reach a mortgage modification with their lender. Legislation passed on a 30-0 vote and sent to the House would lengthen the time in which a homeowner can cure a mortgage default from 20 to 45 days. The bill also would require lenders to contact the borrower by telephone or in person and to provide at least two weeks from the date of foreclosure for the homeowners to vacate the property. "Recent headlines tell the story that more Texans are at risk of losing their homes to foreclosure," said Sen. Craig Estes, R-Wichita Falls, the bill's author. Under this legislation the Attorney general would have to create a model foreclosure notice form for homeowners. This new form would include an explanation of the foreclosure process and a reminder that they have 45 days to fix a defaulted loan. The high number of foreclosures has had several other negative effects on homeowners in Texas. 1.Foreclosed homes sales are driving the prices of real estate in general down even further than they have already fallen. 2.The majority of homes for sale are currently foreclosed homes. 3.This current condition provides uncertain to the homeowner 4.The opportunity for scams is increased as the number of foreclosures increases. These scams typically convince the homeowner to pay upfront fees that they can not afford, which makes their financial situation even worse and can end up pushing the potential foreclosure even closer. . What this legislation does is extend the length of time the homeowners has to make modifications; it does not provide the homeowner within a grace period on their payments. This plan also does not provide mortgage counseling to these distressed homeowners. As a homeowner in Texas who may be facing the potential of foreclosure you will need to contact your loan agency and request a mortgage modification, the process of modifications can be challenging and if you are facing foreclosure you should consult a negotiation expert. Although there are many agencies claiming to be negotiation experts there are still some very good and reputable modification experts out there who can assist you in making mortgage modifications that can help you. When looking for a modification service you should consider the following. 1.Avoid an agency that requires a large upfront fee - Some agencies will charge up to $8,500 to negotiate on your behalf. Some agencies will also keep your money if they FAIL TO REACH AN AGREEMENT with the mortgage company. If you could afford to give them half for failing to negotiate you would not need them in the first place. In most states only a certified attorney may charge fees upfront for negotiation services. 2.Do not select an agency that is prone to accepting the first offer from the lender- It will do you no good to modify your mortgage if you are still not able to make the payments. Over 50 off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude's Mortgage Rescue
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