Proposal to Reduce Foreclosures through Effective Loan Modifications

Abstract:     
This unique proposal is an effort to reduce the number of foreclosures currently being processed in America. The proposal offers a solution that would stabilize real estate markets while minimizing the number of foreclosures and keeping homeowners in their homes. The bases of this proposal are the observations of a distressed homeowner who is attempting to secure a principal reduction loan modification before he is foreclosed on. He is well versed in the failures of current loan modifications being offered to homeowners. He touches on all of the players and how they are inter-related around the primary homeowner-to-loan owner relationship.

Number of Pages in PDF File: 5

Keywords: Loan Modification, Foreclosure, Short Sale, Forbearance, Principal Reduction, Homeowner, Real Estate

JEL Classification: E44, G21, H11, L85

working papers series