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A stop in the foreclosure process worries many that the already depressed housing market could be bogged down and affected in an even more negative way. Big lenders want to move on with the foreclosure process across the nation, but review of new rules and regulations as they relate to the relevant paperwork has slowed or even stopped the process from taking place as efficiently as it should. White House Press Secretary, Robert Gibbs, is concerned about this issue but is unlikely at this stage to express the need for a national moratorium on foreclosures. The fact remains however that the national foreclosure rate is up and the nation’s 20 largest metropolitan areas saw foreclosure activity increase in the third quarter compared to the same period last year. Homeowners are in trouble and trying to find ways to save their homes and continue paying on their mortgage. One way is home loan modification which many lenders are providing. Interest rates are at all time lows and if one can refinance at these historically low rates, then monthly mortgage payments may be more affordable. Freddie Mac reports that 30-Year fixed rates are currently at 4.21% on the national average. The trend lines of the national average for mortgage interest rates continues to drop and this could help many people refinance and make payments affordable again. Author: Camillo Zucari
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