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Mopping up following the foreclosure disaster may take years of effort and reeducation. The lessons learned could offer Government, financial institutions and, each past and future borrowers a riches of anecdotes to ward off future catastrophes - you hope. The reintroduction of banking rules, the imposition of more consumer protection regulations and back-to-basics underwriting offer preventative measures and absolutely a "Big Brother" approach to overseeing the mortgage loan deal of tomorrow. Like a Security Guard, these procedures may serve as a prevention for the unscrupulous or totally misleading participant nonetheless they stop short of addressing the realities of homeownership and also the victims of financial crisis. While the deterrents may restrict certain types of loans and ideally prevent the resurgence of hazardous loans, homeowners may still face financial crises and lenders/servicers should greater deal with this facet of loan ownership. Taking from other industries, homeowners, industry participants and concerned promotes could combine to produce a "Good Lender" Seal of Approval. Qualifying homeowner centric services including a Foreclosure Protection/Prevention plan that (not unlike that offered in countless vehicle commercials today) give automated solutions - Government loan or not, like capability to overlook up to 12 installments throughout the existence of the loan, Home Savers Advance and Deed for Lease options (currently only provided to Fannie Mae owned loans), and maybe most importantly, foreclosure prevention experts that actually answer the device and supply compassionate service, etc. The list could go on but the objective being to encourage people to insist on a Lender Partner that recognizes the ravages of foreclosure and also the imperfections associated with financial realities. Career reduction is and is catastrophic for countless homeowners and also the normal homeowner requires several shape of assistance to recover - whether their loan is owned by Fannie Mae or Freddie Mac. Property Investors could seek inclusion, as countless offer much required leasing housing yet are no less vulnerable to the financial realities that can undermine the number one laid plans. Current Government Programs - Making Home Affordable, FHA - Hope for Homeowners, do little if anything to assist the broker that may have employed a Government sponsored loan to purchase the investment home. Lenders/servicers that voluntarily engage in the "Good Lender" Seal of Approval plan might be entitled to wear their badge of honor like a Good Housekeeping Seal or perhaps a Web Website Security Seal of Approval. Unsuspecting homeowners and those when bitten could cover and be underwritten by their lender of choice. Participating lenders might display their policy commitment along with performance records and foreclosure aversion stats, giving homeowners a chance to choose wisely their dream (home) manager or lender spouse. All else being equal - cost, programs, etc., why might a debtor go to or be referred to a non-participating lender. If internet sites and non-financial service services are motivated to display a seal of protection, it should stand to reason that a homeowner or potential homeowner could expect the same from those which will be a near lifetime spouse for the biggest investment that they may ever create. This, perhaps, would ensure that all participants in a loan deal have knowledgeably involved. Just a thought.
Consumer First Legal Group
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