Foreclosure Mortgages: Will Obama’s Bailout Save You?
Foreclosure Mortgages Is it Something To Be Worried About?
This nation, the greatest nation on earth is facing a countrywide foreclosure melt down. Citizens from boarder to boarder and coast to coast are facing the threat of foreclosure, or going through foreclosure process.
That means that one out of 194 households was a part of the mortgage foreclosure process in the first quarter of 2008. About 1 million homes went into foreclosure in 2008.
Of all the countrywide foreclosure the hardest hit are those where the real estate bubble is bursting. (Did you hear that bang the other day? I thought it was the real estate bubble going boom.)
President Barack Obama wants to commit 5 billion to halt sky rocketing foreclosure mortgages. Financial Agency Credit Suisse is predicting countrywide foreclosure on 6.5 million loans within five years. If that is correct over 8 percent of American homes will be affected.
It may interest you to know there is some good news out there. Neither the banks or the government want to own your home. They do not want to be accused of setting up a nation of homeless bankrupt debtors because of home foreclosures. It is not the kind of market banks are looking to take over your home. How very kind of them.
In case you have not noticed, banks are in the money business, not the real estate business. Money for themselves, not you. Supposedly, when banks repo a home they almost always lose money. I don’t believe it, but that is topic for another time.
The basic foreclosure scenario is:
banks have to go through all the expense of foreclosing on the house – which takes months and in some states, YEARS –
the odds are good the bank will not be able to sell the house for the amount lent the homeowner
the house is going to be in need extensive repairs necessary, all of which costs the bank even more money (isn’t that a shame?)
then there will be the cost of evicting the home owner-YOU
The homeowner facing foreclosure has most likely tried for months and months to sell the house, slashing the price until it would only bring what is owing against it – and they STILL can not sell it. The banks are aware of this.
Banks do not like being landlords. They are not into property management. It is simply not good business to be stuck with a basket full of empty houses getting the windows and doors kicked in and all the plumbing and electrical being pulled out.
With a sour market, houses do not sell well at auction either. All this simply means good news for you and bad news for the banksters if you are in trouble with your home loan. The lending institutions are under more pressure than ever to find a way to keep you, the homeowner, in your home if at all possible.
All of this adds up to a thing called mortgage loss mitigation. A little bit of something is worth more than a lot of nothing. There are several ways of getting the bank to work with you if you can show a win-win situation. The bank is running a business and businesses are out to make a profit, even if it is a small one.
The bank would much rather keep getting a monthly mortgage check of some kind from you instead of no mortgage check – and these days, if you want to work with them, then they want to work with you, to make sure it happens.
We are going into an economic meltdown not known since the Great Depression. The government would like to avoid that at all costs and it is obvious by the amount if money they are throwing at it. Because of this many banks are developing new programs to assist struggling homeowners.
What this really means, you maybe able to stop or halt or avoid the mortgage foreclosure process all together.
If you unable to keep up with your current payments…or if you are late making a payment…or your loan is due to reset to a higher payment…or if you are in default…and Obama has not sent your mortgage payment yet…there maybe a some help available through mortgage loss mitigation.
Download the Foreclosure Survival Handbook now and stop the mortgage foreclosure process before it is too late. For even more valuable tips go to Stop Mortgage Foreclosure Precess now.
Article from articlesbase.com