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