The foreclosure advisor would have to be well versed and knowledgeable in what is occurring in the housing market in order to advise homeowners and the course of action that they should take regarding their homes. Also, the foreclosure advisor will be a separate entity and not associated with the loaners, whom may have separate agendas. The homeowners will trust their advice more if the foreclosure advisors were not directly associated with the loaners but could easily contact them with all the paperwork that would be needed in order to modify or refinance the homes, as needed. The foreclosure advisors will work in the best interest of the homeowner. For example, a child social worker is a mediator for parents and their children. They treat every situation differently, and provide them with successful resources to promote a healthy family environment. A social worker will first a...
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...d to be more than 31% of their current monthly gross income in order to qualify for modification. Or that they had to be up-to-date with their mortgage payments, while being only 30 days late with their payments once over a 12 month period. I believe that the loaners will use the homeowner’s lack of knowledge against them. Foreclosure advisors would be able to inform homeowners properly so that they won’t make any decisions that would lessen their chance of receiving a modification on their mortgage loans.
Allocating funds for the “Making Home Affordable” Refinancing Program to create foreclosure advisors who are college students would not only be inexpensive when it is time to teach and pay them but it would give them some experience in the real world. And homeowners would receive even more support and manpower in their fight to keep their homes from foreclosure.
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