Tag Archive | “high prices”

The Impact Of Recession On Mortgage

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An economic crisis is affecting the entire economy. It has not only impacted small businesses but larger businesses as well. Just like other industries, mortgage industry is also facing hurdles due to these crises. Mortgage rates and property prices are falling and the real estate market is suffering losses.

recession or recovery

Though, buyers are benefiting from low mortgage rates they are still unable to pay back the mortgage loan. This is due to the unemployment and the existing economic situation. This in turn has increased home foreclosures.

Considering the current situation there are some options that are available for the customers among which the most feasible option is “mortgage loan modification”. This gives customer a benefit of low mortgage rate by reducing the current mortgage payments in order to avoid foreclosure.

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September 2011
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