The president recently gave his inaugural speech after being voted in for his second term. While the speech gave a general overview of the direction that the country is headed, there was not much mention of the state of mortgages for homeowners. Some believe this may have been due to the belief that the market was improving and would not be as harsh as it had been in recent years.
The government has stepped in recently in matters of underwater mortgage or those that were just struggling to make the payments each month. Many people were hit by the poor economy and the problems in the real estate world did not offer any relief. Lenders were given greater incentive by the government to encourage them in to working out deals with homeowners that were struggling to meet their mortgages. This has allowed some the opportunity to restructure the terms and has given them a better chance at meeting the financial demands. Call a Long Island bankruptcy lawyer at the office to learn more.
