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Improved Mortgage Relief with Interest Rates Dropping to All-Time Low
04th February 2009
In an attempt to boost the weak economy, the Federal Reserve cut interest rates to a record low of less than .25 percent. This is good news for loan modification agreements because lenders are offering lower mortgage rates with more affordable loan workouts. Federal Reserve cut its key interest rate to below 0.25%.
RealtyTrac reported that 850,000 foreclosed homes are already on the market and real estate experts anticipate that this number will increase by another 1 million homes in 2009, with 2 million more homes entering the foreclosure process during the same period.
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