THE FORECLOSURE BLOOD BATH IS NOT OVER BUT THERE MAY BE HOPE!
By Kent Anderson, from Schweitzer to the Lake
(Coldwell Banker Resort Realty, Sandpoint, Idaho)
We will see a new round of foreclosures by Spring of 2009 as option ARMS get recast and monthly mortgage payments skyrocket. With the continued devaluation of real estate, millions of additional homeowners will find themselves upside down. In many cases, their only option will be to walk away from their "so-called" investment. THERE MAY BE HOPE, HOWEVER. There is a group in Minneapolis who have taken it upon themselves to help at least a few of the families facing this desperate situation: The Hope Now hotline (888 995-HOPE). This is a mortgage-counseling phone line backed by lenders and the federal government that currently gets about 4,000 calls a day. Hotline counselors help borrowers negotiate with banks and offer advice on refinancing options. It is yet to be shown that this will h...
Comments
6