Foreclosures
A Home Owners
Nightmare Sweeping The US And Beyond
"Foreclosure" A
home owners nightmare currently sweeping the US and beyond as
result of, principally, the "Sub-Prime Mortgage" market
collapse. A market designed by skilled "Gamblers" who,
unlike their lesser counter parts playing a straight "Game of
Chance" in the Nevada casinos - Set out to established a game, to
be backed by vast sums of international money, and, where the principal
players could only win irrespective of any monies lost by their
organizations at the end of the day.
Recent news articles
report that "The FBI's investigation of sub-prime lending practices
could take a long time, officials say" - The SEC has opened about
three dozen civil investigations into the sub-prime market
collapse" A FBI spokesman has indicated they now have "34
mortgage fraud task forces and working groups that included other
federal agencies and state and local law enforcement officials" and
that "We consider it a significant and growing crime
problem"
So What! at the end of the
day, apart from a few "Fall Guys" to feed the media and public
needs, the real parties responsible, financially able to buy the
best in legal representation, will remain free to sit back to
enjoy their gains. Or, perhaps not so this time.
As the full realizations
of the effects of the massive negative financial impact on the US
economy sweeps the population and its ongoing effects world wide most
will appreciate that we are entering into very new era with new economic
giants entering the world arena. Some of these financial giants
have already provided "bail Out" monies to US financial
institutions and no doubt will provide more throughout the coming
years(s).
They are not doing it for
love. Self interest and investment? yes. As new masters with major
interests they may not be conducive to a future repeat performance of
such financial set back and are expecting some sign of serious action by
the US. One must wonder at how might the Peoples Republic of China or
some of the Arab states deal with persons who were responsible for
wrecking their economy. It was not to far past in history when the
description for such action was called "Treason"
Many, Mr & Mrs decent
Americans may lose not only their homes but also possibly their
saving and investments to institutions who were once pillars of good
ethics, responsibility and ethical standing.
While untold number will
effectively be "losers" to this fiasco there will, by the law
of nature, also be some "Winners" As in the great depression
of 1929 there were those who emerged with greater strength and wealth
and, so to will it be again.
The Brief thoughts of
an old None US Fella
Extracted from The
US Department of Housing & Urban Development site
(HUD).
Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?
* Don't ignore the letters from your lender
* Contact your lender immediately
* Contact a HUD-approved Housing Counselling Agency
* Toll FREE (800) 569-4287
* TTY (800) 877-8339
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at
www.fha.gov/foreclosure/index.cfm.
6. Contact a HUD-approved housing counsellor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing
counselling nationwide. Housing counsellors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a
HUD-approved housing
counsellor near you or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritise your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewellery, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing
counsellor will provide free if you contact them.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing
counsellor.
Visit The
US Department of Housing & Urban Development site
(HUD) for further information.
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