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« Knox Supporters Challenge Brady | Main | Random Thoughts »

March 14, 2007

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John

In the US nearly 750,000 owners are in trouble – this is up about 96% for the first eight months of this year (2007). You must first asses your ability to make payments on your loan before you consider the steps that need to be made to stop foreclosure and the refinance options available to you. If you are buried in debt then you may not b able to carry the burden of even a lower payment. You must ask yourself if the lower payment is better for your budget than getting in a lower rent situation. If saving your home from foreclosure is a viable option to consider then you must make contact with the lender who is trying to foreclose on your property. It is likely that they are already in contact with you so this may be easy to do. If you are several months over due you might need to make up a payment or two to negotiate with them to stop foreclosure. You can also show proof of your progress to refinance your home and stop foreclosure. The loan company or lender you are dealing with may have private investors that can help you out. Many foreclosure investors are in constant contact with lending institutions seeking loan opportunities for foreclosure properties.
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John Morgan

We also have to remember that many of the homeowners facing foreclosure have no one but themselves to blame. They bought with little or no equity, they leveraged their equity to spend money for consumer goods or debt, they were speculating on rising prices, and other reasons which reflect poor decision making.

There has to be a cost to such risk. I don't want to see tax dollars going to bail out someone who kept refinancing so they could buy their Hummer, go to Hawaii for vacation, etc. If they decided to treat their house as a piggy bank now they have to accept responsibility for their poor judgment.

On the other hand many were deceived by mortgage companies, preyed upon to gouge them for higher rates, etc.

Part of the problem has been the lack of regulation and required disclosure. We all saw the endless run of commercials these companies ran encouraging homeowners to refinance their credit card debt with their houses.

That is extremely bad financial advice but too many people succumbed. There should have been some sort of warning in the literature about the risks involved in putting your home on the line to buy a car or pay off your consumer debts.

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