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Desperate Homeowners Facing Foreclosure Offered Free Course, How to Stop Foreclosure
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Added: 06/15/2006
Type: Summary
Viewed: 438 time(s)
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Desperate Homeowners Facing Foreclosure Offered Free Course, How to Stop Foreclosure
For many Americans the dream of home ownership has become a nightmare.
Record household debt, rising interest rates, stagnant wages, and exorbitant increases in gasoline and heating fuel, are combining to make it impossible for them to continue paying their mortgages.
The problems on the other side of the ledger are the small equity the average home owner has in his property. No down payment purchases and rampant cash out refinances have left the average home owner with less equity in their home now, than 10 years ago, making the home harder to sell.
The end of runaway home appreciation and the buildup in unsold houses in slowing markets across the country makes it even tougher for those in trouble to unload their burden.
At the same time, interest rates are jumping. Over $1 Trillion worth of mortgages are due to adjust in 2006 and 2007 from their low teaser rates to market rates. Millions are adjustable rate and Option Arm mortgages, where the amount of money owed increases with each mortgage payment.
In some cases, homeowners will see their mortgage payments go up by a budget-busting 50% or more.
Already, foreclosures have been running at near record rates and will set new records this year.
Unfortunately, the hardest hit will be those least able to withstand the payment shocks, those who could not have purchased their homes without those artificially low, teaser rates. When the introductory period is over, the American Dream will turn into the American Nightmare for many.
The free, 5 Part, Mini-Course, “How to Stop Foreclosure,” will be a home saver for the many fortunate people who learn about it. Spread the word to churches, clubs and other civic organizations.
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