Third year into the housing correction, the slide continues. 260,000 and 405,000 homes repossessed in 2006 and 2007 respectively (Jan 2008, CNNMoney.com) and possibly 2.5 million in 2008 (US Treasury Secretary Henry Paulson, July 2008, Reuters). The recent enactment of the 3.9 billion dollar housing bill (Housing and Economic Recovery Act 2008) is surely a welcomed relief for many.
It's one thing to line up all this assistance, it's quite yet another whether those people in need can reach it or not. A startling one-third of Americans polled literally have no idea how much money they owe. The average American also scored only a D-grade in a survey on financial literacy. We were quick to jump onto the bandwagon of owning a home so now we better buck up on how to defend it when the situation gets rough.
Examples of how to stop foreclosure include refinancing, forbearance, loan modification, additional loan and even write-off to help affected homeowners stay in their homes. Where retaining the home is not tenable or desirable, the foreclosure can still be averted through deed-in-lieu, pre-foreclosure or short sale in order to protect the owner's credit score while avoiding the costs and penalties of formal foreclosure proceedings.
Whether it?s keeping or dropping the property, the endeavor to stop foreclosure must be laid out with a sound game-plan. Once that?s done, the homeowner must set out in a highly expeditious fashion. A typical profile of execution would look something like this: -Review the financial situation thoroughly -Check out all options -Spot and skip the scams -Consult professionals or experts -Never say never
Foreclosures hurt the lenders and authorities as much as they do the homeowners these days. Given the housing crisis, financial malaise and faltering economy, we can be sure that they would go out of their way to help stop foreclosure. Put bluntly, foreclosure is the knife-edge between an asset and liability insofar as houses are concerned and the last thing that's needed now is another one crossing over into the heap.
How to stop foreclosure has become a common topic, be it at online forums, radio talk shows, public discussions, office chat and just about any form of everyday conversation. There?s also no shortage of information and services to turn to. Government agencies, banks and lenders, lawyers and attorneys, investors and brokers are all increasingly coming onto the scene. Books, guides and all kinds of other materials have been written on the subject. Scams and cons have not failed to get in the mix either, so watch out!
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