Foreclosures Hitting Record Highs
According to a recent article on CNN, home foreclosures have hit record highs. The MBA (mortgage bankers association) reported that 0.78 of all mortgages entered into forclosure in the 3 months ending on Sept 30th, 2007. It is obvious that the sub-prime market fallout is still wreaking havoc on home buyers.
If you are in danger of having your home foreclosed, there are always options to help prevent it. One way is to go to your mortgage institute and try and renegotiate your mortgage payments. They would rather receive some money from you than foreclose on your house. I even heard a Donald Trump speech where he said the same thing. Also, sometimes emergency cash can help users stay out of foreclosure. It is best to try and exhaust all your options first before taking out, essentially, another loan for cash to pay your mortgage.
Also, word has come out that President Bush is working on drafting a plan to help home buyers being affected by the sub-prime fallout.
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