Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

US anti-foreclosure laws draw flak from experts

By Apil Gupta Subscribe to RSS | July 16th 2012 | Views:
loading
 
  



According to a group of leading financial experts, US state and federal laws that were set up to safeguard homeowners from eviction after the housing crash of 2008 might be responsible for extending the slump period. The state that has worst suffered from this phenomenon is Nevada, which has passed one of the harshest borrower-protection laws in 2011. However, the housing market in this state is still reeling under the after effects, owing to a lack of inventory that is feeding a mini bubble in prices that is sustainable according to few.

As per a recent US Federal Reserve, study, delays in states requiring a judicial review for foreclosures had no long term benefits, and also had the tendency to prolong the problems as far as the housing market is concerned. There are quite a few state laws that extend the period for legitimate foreclosures, but actually don’t benefit the homeowner and actually harm the neighborhood and the system as a whole. Even though people who have managed to stay in their homes even after they failed to pay mortgages may disagree, but it’s different for the neighborhoods where they live.

Sustainable recovery can very likely be held back by an overhang of properties that banks intend to foreclose, but have still not done so. Further, this scenario may also encourage blight since the defaulting borrower has fewer reasons to maintain the property in a good condition.

Owing to the increasing doubt about the impact of anti-foreclosure laws on the long term health of the housing market, one of the basic principles of the Obama administration’s approach to the housing crisis is now under question. There are many Democrats who are of the opinion that struggling homeowners need to be given more time for their mortgage arrears, or at least get some breathing room to renegotiate the loans with lenders, particularly after the robo-signing scandal wherein banks were proven guilty of falsifying foreclosure paperwork .The California Legislature is yet another proponent of this philosophy, backed by Attorney General Kamala Harris, which is set to pass a homeowner’s bill of rights, which translates into new requirements for lenders who are looking forward to foreclosure. Also, many consumer advocates are of the opinion that forcing banks to reconcile with people behind on their mortgages, instead of foreclosing on them actually reduces the sense of dereliction.

Apil Gupta - About Author:
Contact you provide you with Va home loan rates, Home refinancing, House loans, Adjustable rate mortgage, Home mortgage online .

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/mortgage-articles/us-anti-foreclosure-laws-draw-flak-from-experts.htm

Related Mortgage Articles Subscribe to RSS

Your guide to finding the best mortgage rates
Published by Jack Smith on April 13th 2012 | Mortgage
The best mortgage rate may have to be decided upon after exploring several options but will be certa...
 
Adjustable mortgage rates opening paths for money saving
Published by Jack Smith on July 25th 2012 | Mortgage
In the field of finances, where Adjustable mortgage rates are becoming the most picked choice for al...
 
US mortgage rates hit record low at 3.66%
Published by Apil Gupta on July 16th 2012 | Mortgage
There was a significant drop in the US mortgage rates for 30 year fixed loans...
 
Get the best out of bad credit mortgage rates
Published by Jack Smith on June 23rd 2012 | Mortgage
Bad credit mortgage are becoming increasingly popular due to the high interest rates and rising debt...
 
Best mortgage rate California – Use these time-tested tips
Published by Apil Gupta on June 24th 2012 | Mortgage
Finding the best mortgage rate California is more often than not like locating a needle in a haystac...
 
Find the perfect california mortgage broker online
Published by Apil Gupta on June 24th 2012 | Mortgage
The importance of finding a good California mortgage broker online is paramount in today's times, pa...
 
Second mortgage might require the help of a strong broker
Published by Thomasgalvin on January 3rd 2012 | Mortgage
Availing a loan for a specific purpose is one of he most arduous task in the whole wide world, what ...
 
The real truth about mortgage rates
Published by Jack Smith on April 16th 2012 | Mortgage
While mortgage rates may differ with several companies and diverse plans¸ a good, hard-working barg...
 
Should you go for a 15 or 30 year mortgage?
Published by Apil Gupta on June 24th 2012 | Mortgage
There are many times in life when one wants to possess something due to the sheer need of it, but is...
 
The best way of getting bad credit mortgage rates
Published by Jack Smith on June 20th 2012 | Mortgage
Be careful of getting axed by any broker while finding the best bad credit mortgage rates, as mean p...
 
Get out of a bad credit mortgage situation
Published by Jack Smith on June 20th 2012 | Mortgage
If you need a bad credit mortgage, there is no doubt that you are in a tight fix. But bail yourself ...
 
Lay your hands on the best mortgage rate in the market!
Published by Jack Smith on April 14th 2012 | Mortgage
While it may be a challenge to find the best mortgage rate¸ a good lender company can always make y...
 
Beware of Yield Spread Premium on California mortgage rates
Published by Apil Gupta on June 24th 2012 | Mortgage
If you are going to refinance your mortgage because the California mortgage rates on your current pr...
 
Tips to taken into consideration while choosing mortgage brokers
Published by Geno on March 28th 2012 | Finance
Majority of the home buyers get struck off when it comes to mortgage loans. Lack of knowledge about ...
 
How can a mortgage loan calculator help you save
Published by Apil Gupta on June 24th 2012 | Mortgage
There would be many of you out there who would be considering taking a mortgage loan for fulfilling ...
 
Brokers getting importance for bad credit mortgage
Published by Jack Smith on July 24th 2012 | Mortgage
In the arena of bad credit mortgage the value of brokers, consultants and complete suggestion provid...
 
The best mortgage rate is only a systematic approach away!
Published by Jack Smith on May 22nd 2012 | Mortgage
Investigate the property market well and fulfill your dream of achieving the best mortgage rate for ...
 
You can still borrow money with bad credit mortgage
Published by Jack Smith on June 24th 2012 | Mortgage
Bad credit mortgage is really helpful for those who have bad history in past, and with the help of t...
 
Be informed about Colorado mortgage or Denver mortgage and make a wise decision
Published by Serena Woods on February 15th 2012 | Mortgage
Being informed is never bad especially when you need to make an important financial decision....
 
Most excellent home mortgage calculator plus home buying tips
Published by Andrew Watson on December 30th 2011 | Finance
For a number of people it certainly is very much common to look around for best mortgage calculator....