Stop Foreclosure: More than 90 Days Late on Your Mortgage? Here’s a Foreclosure Prevention Program for You


Share

Looks like  some offiicials in some parts of the country are finally coming to their senses when it comes to helping struggling homeowners stop foreclosure. A foreclosure prevention program in California is targeting those who are 90 days late or more. According to the article, New Menlo Park idea to cut foreclosures:

Finally, a Foreclosure Prevention Program That Makes Sense!

Finally, a Foreclosure Prevention Program That Makes Sense!

The Foreclosure Prevention Program targets owner-occupied homes with mortgages more than 90 days past due. [The way it works is] Program administrators would approach the bank that holds the defaulting mortgage and ask it to sell the mortgage at the home’s current fair market value – the same amount the bank would receive if the home went through foreclosure . . . A local community bank would then refinance the mortgage for about 70 percent of the home’s fair market value.  . . The homeowner’s monthly housing costs potentially could be halved. . .

What a common-sense idea! “Duh,  it’s about time someone is thinking right in this foreclosure mess!”

P.S.: Learn how to easily modify your home mortgage and put the stress of possible foreclosure behind you.

Copyright © 2009: Foreclosure Business News

No Comments

Comments are closed.


Share