"Streamlined Modification Initiative" Wins Attention of Real Estate Professional Paul R. Steinfurth

PHILADELPHIA, PA, May 01, 2013 (Press-News.org) As the CEO of the Styles Group--a noted real estate firm based in Florida--Paul R. Steinfurth remains heavily connected to the issues that weigh heavy upon both industry professionals and consumers. While economic recovery and construction growth have indicated a general increase in consumer confidence across the board, Steinfurth notes that many Americans still face a "very real fear that they will not be able to pay their mortgage."

According to Paul R. Steinfurth, while foreclosure trends have somewhat eased in recent months, homeowners--both existing and prospective--are still concerned about the lack of flexibility provided by lenders. Steinfurth explains, "After the rush of foreclosures experienced in America, home loans faced a massive transformation in which homeowners faced heavier fiscal responsibility." While Steinfurth encourages all prospective homeowners to fully explore their home loan options before making a decision on a mortgage plan, he notes that current homeowners may be able to "breathe a sigh of relief" as leading lenders introduce a "Streamlined Modification Initiative."

A recent article from the South Florida Sun Sentinel explains this recent development, "The Federal Housing Finance Agency, which controls Fannie and Freddie, recently announced new options for distressed homeowners. The 'Streamlined Modification Initiative,' which begins July 1, will allow certain borrowers who are 90 or more days late with their mortgage payments to receive loan modification offers without submitting any documentation."

Although this recent announcement may seem appealing to homeowners struggling with their current mortgage payments, Paul R. Steinfurth indicates that it may not prove the option for everyone, as it does carry limitations. For instance, the article reveals, "The homeowner then would need to make on-time payments for three months for the modification to become permanent. Borrowers can submit hardship documentation for an opportunity to receive additional savings. But just being delinquent on your mortgage payments won't guarantee a loan modification. Among other restrictions, the program only will be available for first mortgages that are no more than 20 percent 'underwater'."

ABOUT:

Paul R. Steinfurth is the CEO of the Styles Group, a real estate firm which is now fully-integrated due to their acquisition of the comprehensive management company, Southeast Residential Group. Paul R. Steinfurth offers more than 15 years of experience in asset management and real estate investment. He has remained a prized component of Styles as he helped grow the company's portfolio from 1,000 to 3,000 units in just four years' time. For over 25 years, The Styles Group has concentrated on multi-family, middle market real estate. Throughout this time and under the guidance of Paul R. Steinfurth, this company has acquired over 5,000 units in approximately 42 investment properties.