Facts about Foreclosure

In this economic climate it would seem like homeowners are on their own trying to stop home mortgage foreclosure. However, with the right tools and knowledge homeowners can find help, below we discuss what is really going on and a few tips to stop home mortgage foreclosures.

Real estate developers have taken a large hit, the houses they built are not selling and the loans are coming due. This is forcing a lot of the builders to seek a bailout from the government. Even insurance companies, state and local governments are hurting and looking for bailout. With millions of homes still not selling homeowners are left to understand how to stop foreclosure on their own.

It is truly astonishing how the tax money is being used with no real accountability. Our government is handing over millions and millions of dollars to almost any bank or financial institution that asks, even if they do not have a solid business plan to keep them afloat.

The associated press started to ask questions after the rumors in late December said that CEOs of these bailed out banks are still collecting millions in perks. Every bank the press interviewed declined to comment when asked where the money went. It seems that these companies are not worried about paying their bills or helping to stop home mortgage foreclosures but just to line their own pockets.

There has yet to be a foreclosure assistance program designed that actually works for struggling homeowners. This is absurd considering the root of the problem has originated from the collapse of the housing market.

It is sad that these same CEOs that are lining their pockets are hugely responsible for the current crisis. They allowed their banks to provide mortgages to people who evidently would not be able to pay the adjustable rates. Yet these CEOs and banks are still continuing to profit, this time it is with tax dollars.

In a final blow for American consumers, the banks are using the bailout money in any way they see fit. It is my belief that if the government had used the money to buy these troubled mortgages directly from the banks and refinanced them to a lower rate, the problem would have been solved.

They would have not only fixed the financial crisis, by utilizing liquid cash in the banks, but they would have resolved mortgage and housing crisis at the same time. However the United States government decided to give the money to the banks hoping they would do the right thing. Still nothing is solved and millions more homes have been lost, and still homeowners are struggling to find a way how to stop foreclosure.

Still the ridiculous Mortgage Assistant Programs the government has created has helped less than 5% of the homeowners in trouble. They include so many requirements and strings to qualify, that they end up helping very few people.

Fortunately, there are many things homeowners can do if they are trying to stop home mortgage foreclosure. They can stay in their homes for over 24 months even without paying the monthly mortgage. There are different strategies to delay the foreclosure process. The banks do not want you to have this information!