Veritus Funding prepares for Government Loan Modification Plan

Dec. 8, 2008 - PRLog -- San Diego, CA – San Diego based Veritus Funding is preparing to take advantage of the federal government’s loan modification plan to guarantee nearly three million mortgages.

Fifty billion of the recent financial bailout strategy is currently being considered to bolster the mortgage industry to prevent it from descending any further. With the U.S. housing recession gripping tightly around the neck of the economy, the plan is considered to be the most aggressive so far. The global markets should respond in kind.

As of November 2008 nearly 4 million homeowners were at least one payment in arrears and over 760 thousand homes in foreclosure, with that number expecting to sky rocket over 1 million by the end of the year. The statistics are up over seventy-percent from last year and one-third of these properties are on the market because of foreclosure.

“It might be a bit soon to know whether or not this is too much or too little, or even too late, from the federal government,” states Mark Brough, President of Veritus Funding. “The market on foreclosures has felt like it’s been in a veritable freefall. We just keep doing our best to help as many folks as possible before they fall into foreclosure. Once that happens,” he adds, “it’s a whole different situation for the borrower.”

The final decision on this portion of the bailout plan has not yet been finalized.

Veritus Funding’s Loan Modification program is available in all of California. For more information call Veritus Funding at 1(888) 563-5275 or visit Veritus Funding’s website:  www.veritusfunding.com.

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