An appraiser perspective on real estate market trends, happenings, and events

From the Appraisal Newscast.

A proposal from the Obama administration could prevent lenders from initiating foreclosure on any loan until they have determined that it does not qualify for the Home Affordable Modification Program or efforts to contact delinquent borrowers no less than four times by phone and twice by mail during a month's time have failed. Lenders also would not be allowed to continue foreclosure proceedings when borrowers have been granted a trial modification.