Fort Lauderdale, FL (PRWEB) May possibly 28, 2010
Right now, American Residential Law Group has announced that new types of protection have been enacted by the federal government for those home owners facing foreclosure. These types of protection are designed to remove some of the confusion and frustration felt by property owners in need of financial assistance.

Property owners in dire financial straits have located some relief through the federal loan modification system. Even so, unethical practices by some of the biggest national lenders have led directly to tremendous confusion and problems for the quite home owners the plan was designed to support. To counter this tendency, the federal government has mandated new practices for lenders.

1st, lenders are now needed to prescreen homeowners in danger of foreclosure, in order to decide if they are eligible for a mortgage modification. In addition, lenders are banned from sending any homeowner to foreclosure, until such eligibility has been assessed. Ultimately, a new 30-day choice timeframe for acceptance of a modification application has been announced, as properly.

Of course, these federal suggestions can nonetheless be manipulated by unscrupulous lenders. Lending companies intent on acquiring their pound of flesh from their clients can still make issues really tough and confusing for homeowners. As a result, specialist legal counsel is still very recommended prior to filing for a modification program.

American Residential Law Group also cites that fact that, to date, only 170,000 Americans have received permanent mortgage modifications, even though more than six million property owners are presently struggling to make their mortgage payments on time. Obviously, this quantity suggests that federal guidelines are not adequate, and that professional legal help can provide some substantial benefits for property owners underwater on their residence loans.

To understand a lot more about residence mortgage modifications and how American Residential Law Group can be of assistance to you, visit them at http://www.ARLGNow.com.

About American Residential Law Group: American Residential Law Group is a law firm that strives to give the neighborhood with legal assistance and all the advantages to which consumers are entitled under the law. With a considerable background in all locations of customer advocacy, American Residential Law Group remains committed to delivering integrity and excellence for their clients, and increasing their good quality of life.

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