How to fend off a foreclosure
April 2nd, 2007 by
Alya
As the subprime mortgage meltdown sends delinquencies soaring, up to 1.2 million homeowners could lose their homes this year. But in some cases, that doesn’t have to happen. As this scandal has unfolded, lenders have said repeatedly that they don’t want to foreclose on homes. They generally don’t make money by taking over a delinquent owner’s property, so it’s a losing proposition that they consider to be a last resort. Every time his bank forecloses on a homeowner, it costs an average of $40,000. Lenders would prefer to help delinquent borrowers get back on track, and they have many options at their disposal to do so. Read more
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Posted in Housing, Real Estate in USA, Establish a home, Advices, Mortgage Bankers, Mortgage Rates, Mortgage Loan |
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