Foreclosure and You
Posted on July 21, 2009
Filed Under Foreclosure Articles |
http://foreclosuresurvivaltactics.com
As unemployment continues to rise, foreclosures continue at an even greater rate. While president Obama’s intentions are good, it does not look like his anti-foreclosure plan will be able to stave the rising tide of foreclosure.
President Obama’s plan of offering up to $75 billion in incentives to mortgage lenders in an effort to induce them to reduce loan payments for borrowers who are having problems has affected, as of the making of this video, perhaps only 100,000 homeowners.
Considering there are 5.4 million delinquent mortgages, a number that is now growing at an accelerated rate, the problem has obviously not been solved.
The problem with the president’s plan is multifold. Firstly it’s a voluntary plan to lenders. And lenders will do only what benefits of their bottom-line. But the problem is bigger than that. It’s a real problem for 15.4 million borrowers whose homes are now worth less than their debt. The president’s plan calls for mortgage adjustment based on lower payments, not the lowering of the overall debt. I believe that is a mistake.
As unemployment continues to rise and wages continue to fall, borrowers having no equity, and nothing to fall back on in the event of a medical or financial emergency will be unable to make even the lower payments and will be forced into the ranks of the foreclosed.
If you find yourself in this position, or see it as inevitable, there is no reason you need be a victim. Save your home. Protect yourself. Take a look at www.foreclosuresurvialtactics.com. Things may be better than you think.
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