Dallas, TX -- (ReleaseWire) -- 07/03/2014 -- Progressive Southern Real Estate Services (http://progressivesouthern.com) proudly announces the launch of a foreclosure prevention awareness outreach program. The country's economic picture continues to show improvement, as it has done so recently, yet many homeowners continue to face foreclosure, if they aren't already involved in foreclosure proceedings.
"Sadly, many remain unaware of alternatives to foreclosure, alternatives now available due in large part to new laws protecting homeowners from the foreclosure process. The foreclosure prevention awareness outreach program strives to correct this, providing homeowners with the information needed to retain their home and protect any equity they have amassed in the property," David D. McElroy, spokesperson for Progressive Southern Real Estate Services (http://progressivesouthern.com/texasforeclosures), declares.
New mortgage service rules issued by the Consumer Financial Protection Bureau (CFPB) went into effect on January 10, 2014. The bureau designed these rules to protect borrowers when it comes to mortgage products, such as loans. With the help of Progressive Southern Real Estate Services, homeowners find they have the information needed concerning these rules to attempt to save their home.
"One rule put into place by the Consumer Financial Protection Bureau prevents mortgage servicers from foreclosing on any home under consideration for a loan modification. Once the loan modification application process begins, the servicer must halt the process and allow the application to move through the system, providing homeowners with more time and the resources needed to possibly save their place of residence," McElroy explains.
Each state makes their own laws concerning foreclosures. What applies in one state may not in another, yet many homeowners fail to understand this, believing the foreclosure process remains the same no matter where one is located in the country. Others move forward under the assumption the foreclosure process used is dependent on the location of the mortgage provider, rather than the state of residence.
As McElroy explains, homeowners need to understand there are alternatives to foreclosure and that consumer protections have been put into place to assist them. The more one knows about the process, the easier it is to come up with the right solution for the homeowner's particular circumstances. Learn about the new mortgage servicing rules and more with the help of Progressive Southern Real Estate Services.
About Progressive Southern Real Estate Services
A full service real estate firm specializing in foreclosure prevention, Progressive Southern Real Estate Services provides a full complement of foreclosure alternatives. The resources available include attorneys, real estate valuation services, mortgage services for property financing, property preservation management for vacant homes, real estate sales and marketing professionals, credit restoration specialists, and more. In addition, the company maintains an owner finance division, one dedicated to providing solutions for those who lack the qualifications needed for traditional mortgage products, yet wish to purchase a home or property.