Foreclosure Assistance? Waiting For Help? The Facts Finally Exposed - Shocking Details
Foreclosures continue to rise at record breaking numbers, but there is still no converse of foreclosure assistance for homeowners. Homeowners are left to avoid the pitfalls of foreclosure on their own. I will discuss some tips to help you avoid foreclosure, but first lets look at what is really going on.
The line for bailout money is long and includes Insurance companies, state and local governments and the latest addition is real estate developers. With millions of homeowners concerned with avoiding foreclosure, you would think that a plan would be in place to start helping them. No foreclosure assistance plan has yet to be created or implemented.
The government is handing out your money with no or little plan for repayment and muddy rules to monitor how the money is spent.
The root of this entire economic meltdown is most likely found in the housing market. With the record breaking rise in property values and loose lending practices of many institutions, a perfect storm was created that was really the first domino to fall. At this point, we are just treating the symptoms to try and stop the hemorrhaging, but the initial wound is still there and growing.
When the Associated Press started investigating where the money had gone, they began with the banks that had received money from the initial seven hundred billion dollar bailout package. Not a single one was willing to comment on how they had spent or invested that money. There is no evidence that any of those banks has created a plan or program to provide foreclosure assistance to troubled customers.
I believe that had the government used that money to offer foreclosure assistance in the form of purchasing the troubled mortgages from the banks then offering those homeowners the opportunity to refinance at a very low interest rate, the problem would have been under control before it even had the chance to send us down this uncontrolled spiral.
This would have solved two problems at once. It would have provided the banks with liquid cash and resolved the mortgage and housing crisis at the same time. The government decided to put their faith and our money in the hands of big companies rather than the American families. Millions more have since lost their homes and more struggle to avoid foreclosure.
The economy continues to worsen and as the end of the year, numbers start to roll in they indicate the problem is not solved. For the month of November existing home sales fell 8.6% while the GDP fell 0.5% for the last quarter.
The only foreclosure assistance programs that the government has tried to put in place have helped less than 1% of those facing foreclosure. The requirements to qualify and participate are so stringent the program automatically limits those it can help before anyone even applies.
If you are facing foreclosure and looking for foreclosure assistance there are options available to you. You can stay in your home for over 24 months without making any monthly mortgage payments.
The banks certainly are not going to share this information with you though. There are strategies to delay the process and it is possible to avoid high priced lawyers and handle the situation all by yourself. The key is, knowing what to do and have a plan of action.
Foreclosure Assistance? Waiting For Help? The Facts Finally Exposed - Shocking Details. Retrieved January 16, 2009, from http://ezinearticles.com/?Foreclosure-
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