West Michigan homeowners facing foreclosure in this economic crisis have reason for hope as a new federal law takes hold this week. Lenders are now required to give homeowners due notification and time to work out a solution.
According to excerpts from the story:
The caseload of clients at Home Repair Services seeking help to avoid foreclosure is not getting any smaller, but counselors say they do see something promising. More of their clients are successful in averting foreclosure and staying in their homes.
"We first noticed an increase at the very end of 2008," Home Repair Services Executive Director Dave Jacobs said. "Numbers rise and numbers fall; we were a bit skeptical.
"But now, for the third quarter in a row, we have noticed our resolutions up."
Tracie Coffman, financial counseling manager, said it points to a culture shift among the mortgage companies. She credited the myriad programs aimed at encouraging loan companies, rather than foreclosing, to work with their borrowers, including President Obama's Hope for Homeowners program.
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