Its All About Second Chances
Foreclosure—Colorado, Texas, Michigan, Massachusetts and more. Over and over when you see stories on the news, probably even if you look in your local newspaper, there are stories of foreclosure. I can’t even tell you how often the stories are happening here because for a period of time we were number one in the nation in foreclosure. We are not number one but remain in the top ten.
What are the options for people facing foreclosure or seeking to avoid foreclosure when they first notice there is trouble? Do you believe that everyone should be given a second chance even in the housing industry? I am of the mindset, that people should be given a second chance. Let’s face it; the first time anyone purchases a house, they might not have been aware of all the financial obligations that encompass home ownership. I’m going to list some of the options that I found.
Option 1 – There are foreclosure conferences and foreclosure seminars to prevent foreclosure. I found there are some Mayor’s meeting about foreclosure at a meeting in Detroit. When foreclosure happens, it affects more than that one family. Especially when it reaches the magnitude that it has already and the worse part is, it’s not over yet. So what are people in decision making positions to do? Do you believe there is “Wisdom in a multitude of counsel?” I have to tell you I do. Or do you like the saying “two heads are better than one?” Regardless of which saying you like, it says you cannot do it alone. Same for the person that is facing foreclosure, get some help.
One of the options that will be discussed at the Detroit foreclosure article that I read is FHA Secure. Since it didn’t have enough detail for me I took it a step further and did some research. Our readers need to know right. Seems back in August of this year, a new loan product called FHA Secure Loan was going to come to the rescue of some not all homeowners who were unable to refinance at that particular time and help stop foreclosure for many homeowners who struggled with adjustable rate mortgages. I surmise from the previous Detroit foreclosure article I read, this program will be discussed and those who can qualify will be given this option. There are 80,000 that this loan is supposed to be laid out for. What happens to the other million and something that need help?
What is a second option for people that are facing foreclosure or trying to prevent a foreclosure from happening? One of the things I would recommend is if at all possible, downsize in housing before you get into a foreclosure situation. I have heard of people that have tried to get out of their housing situation only for the bank not to work with them or help them. If you can see that there are situations arising that will prevent you from paying your mortgage – decide what your options are. I am sure you realize by now, I believe in dealing in solutions not problems. There have been too many times when people are overwhelmed and emotional about the problem and cannot see options. Let’s share options for those that are reading that potentially could be in this situation and are embarrassed.
