Good News on the Foreclosure Front

Millions of dollars in grants awarded for legal aid for distressed homeowners.

http://www.realtown.com/articles/foreclosures/6-5-million-in-legal-aid-grants-help-families-caught-in-foreclosure-crisis

Efforts should be made to assist people who are in jeopardy of losing their homesteads. However, those who are having problems because they were investing in property. taking out variable rate mortgages, and flipping homes took a risk and lost. It's no different than losing $ in the stock market or even at the racetrack!

Dunnellon Realtor said,

Efforts should be made to assist people who are in jeopardy of losing their homesteads. However, those who are having problems because they were investing in property. taking out variable rate mortgages, and flipping homes took a risk and lost. It's no different than losing $ in the stock market or even at the racetrack!

I would wholeheartedly agree with this statement. I am skeptical of the Fed bailing out investment houses for the same reason. We are also now seeing a "knee jerk" reaction in much greater government regulation coming in to play.

Most of the discussion right now and most of the outreach by nonprofits and the government is to owner/occupant homeowners. The objective is finding ways to help people remain in their homes.

The housing crisis is very complex, with many variables. Bottom line is finding alternatives to foreclosure. Much of that involves more serious education of consumers and real estate professionals about the options that exist today ... and new options that are opening each week.

Nonprofits like ACORN are having outstanding results! They are an excellent first stop. for consumers. Homeowners who owe more than their house is worth should consider speaking with an attorney who specializes in consumer protection law. http://www.naca.net

I was on an adjustable rate and didn't realize it until it started adjusting. My loan officer told me my rate was fixed and I guess I believed him. Over a dozen mortgage companies tried to help me and I wasted over a thousand dollars on appraisals that never got used. I read about www.proloanmods.com at the Washington Post website and tried them out. They got me from an 11.125% rate down to a 6.5% fixed rate. My payment was almost cut in half! I think the government needs to invest their time and money in companies like this a little more.