Foreclosures
HUD defines a foreclosure as "a legal process in which mortgaged property is sold to pay the loan of the defaulting borrower." Basically, this means that when a person can no longer make their mortgage payments and has exhausted all other options, the bank takes the property to pay off the loan. Below are some very helpful links with a ton of great information regarding foreclosures. If you have any questions at all, please contact me.
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Before the Feature Film, a Message on Foreclosure ScamsIn an effort to push people away from foreclosure scams, the Federal Reserve has commissioned a 30-second commercial to be shown in the nine states with the highest incidence of home foreclosures. The commercial will air Friday through April 17 in 18 movie theaters in California, Nevada, Michigan, Ohio, Florida, Arizona, Georgia, Maryland and Virginia. Many are multiplex theaters, and the commercial will run on all screens. So in addition to movie previews and the plea for moviegoers to turn off their cellphones, people will be warned to avoid outfits that will take advantage of them if they are having trouble making their mortgage payments. Click to Read More! |
Preventing Foreclosures
These days, everyone from the average homeowner to the President of the United States is working diligently on preventing foreclosures. There are many new programs out there that are designed to do just that.
One such program is the Obama Financial Stability Plan. Our nation today confronts the most severe financial crisis since the Great Depression. The process of repair will take time, but the policies will work. In the end, we must get our economy back on track to get millions of Americans back to work and help support and stimulate private investment. This financial stability plan will deploy our full arsenal to attack the credit crisis on all fronts. Below is a link to the website for this plan with more detailed information.
Obama's Financial Stability Plan
A critical piece of the Financial Stability Plan is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.