The government has promised Billions to help rectify the home loan problems. They have provided or pledged money to banks, private lenders, and loan modification schemes to help the troubled market and the drowning home owner.
Yet we continue to hear of (and see with our own eyes) foreclosures happening, and may be increasing. How can this be? Where is the money? Is there any hope?
Following is a recent article from Monica Hatcher, published by RISMedia, a real estate news source, which may answer some of these questions. I’d like to hear from you. What do you think?
Few Borrowers Can Revise Mortgage Loans
By Monica Hatcher RISMEDIA, January 23, 2009-(MCT)-
Since defaulting on her mortgage more than a year ago, Marisela Gonzalez has attended foreclosure prevention seminars, spent hours on the phone with her lender, paid a consultant, availed herself of bankruptcy protection-everything in her power to hang onto her home.
“I thought to pack and just get out,” recalled the special-education teacher. “Then, I said, ‘No … this is my place. I’ve been here 15 years and I am not going to give it back to a bank just like that.’”
Yet Gonzalez is giving her Kendall, Fla., townhouse back to the bank, in this case the federal government, which took over lender IndyMac. Even with an offer to lower her interest rate, Gonzalez could not afford the payments and owes about $100,000 more than the house is worth.
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