|Published:||Jun 03, 2010 3:26 AM EDT|
|Updated:||Jun 02, 2010 11:14 PM EDT|
FLORIDA, Fla. - Bank of America announced Wednesday they're rolling out a new plan that will give some people a break if they're trying to modify their home loans in order to avoid foreclosing.
That's not the only news that banks may finally be easing up on homeowners.
"I've seen the change, I'm seeing the change," Attorney Robert Pelier says.
The change he's talking about is the way banks have just recently started handling foreclosures. The most significant change having to do with many of Pelier's foreclosures currently in litigation. Banks are voluntarily dismissing many of his cases.
"Saying hey it makes more sense for us to try to negotiate something with the property owner, maybe a temporary modification of payments to keep the homeowner in the property," Pelier says of the banks.
Ask anyone who's tried to work with their bank in the last few years, and many will tell you it wasn't easy, if doable at all.
"I think that as a whole, the industry itself has not wanted to come to terms with this particular crisis," Pelier explains.
So why now is he seeing banks ease up?
Pelier believes the recent change in the courts may be thanks to losses piling up with banks from people walking away, leaving the banks to maintain the properties.
Pelier says it was only a matter of time before something had to give. "I think that it's geared towards trying to stabilize the neighborhoods. Certainly, no one wants to buy a home in a neighborhood where no one lives in any of the houses."
Short sales may soon see changes, as well. If banks keep this trend up the process to complete a short sale may become less difficult and time consuming.