Mortgage : Home Loans : Refinance : Home Equity Loans

By Dale Rogers

As the economy cools, mortgage foreclosures increase. Mike and Margaret had worked hard for all of their 10 years of marriage. During that period they had some rough patches and vowed not to get jammed up on their finances again. Mike from time to time would take a part time job to help make ends meet. Five months ago Mike was told by his employer that they were moving out of town and going to another state and merging the business and would not be taking any people with them. As an Informational Technology (I.T.) expert he kept the companies computers humming and made a decent living.

Margaret was staying at home to take care of an asthmatic child that needed acute attention almost around the clock. There were other medical complications that centered around this affliction that put a severe strain on the budget. Today, Mike and Margaret received a Notice of Default issued by the Mortgage Company by way of the local Sheriff who knocked on the door and served the notice of action. The order stated that all arrears, attorney fees and late charges would need to be made immediately or foreclosure proceedings would start right away. The total amounted to $8,493.22. Mike and Margaret had tried to work out a repayment plan as well other credit card debt consolidation. Without a job and being down four months on the mortgage payment and credit cards unpaid their credit scores plummeted below 500. Lenders were not willing to work anything out in the way of a new loan. The equity had shrunk since they had bought the house on top of the housing bubble two years ago. Values have fallen back now in their area and city. Behind every foreclosure is a sad story of people getting up against it.

What to do? Many people in this position chose to do nothing and somehow think that someone will swoop in and save them and all they have to do is wait. Denial abounds all the way to the Courthouse steps to the day of sale. A few states have a redemption period, other states it becomes a done deal at time of sale. !
Mike is
frantically trying to find work but the I.T. jobs have all but dried up. When Notice of Defaults are filled in public records the sharks smelling blood start showing up on front doors with offers to solve their problems. All they have to do is sign a quitclaim deed over and agree to something like $1,000 and move out and the new owner will assume the liabilities. Letters pour in daily with similar offers of

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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This entry was posted on Wednesday, August 16th, 2006 at 4:21 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.