Stopping Foreclosure: Politics Halt Help for Homeowners Struggling to Hang onto Their Homes
It’s the electoral season, and we all know what that means — jack (as in, nothing) gets done to help the average American citizen. The latest pain point for the Average Joe to be caught in “political cross-hairs” is the possibility of home foreclosure help. An article in The Citizen entitled Obama running out of options to aid housing market, got it right, stating:
At this stage in the game, there does not exist the political wherewithal to do anything that would meaningfully change the pace or the ultimate magnitude of the foreclosure crisis . . .
So what does this mean for the Average Jane/Joe who needs help to stop foreclosure?
Wait, wait and wait some more. There are two ways to look at this:
(i) it buys you more time to work with your lender to perhaps stave off foreclosure; or
(ii) it gives you some time to save up some money and get the hell out of dodge (eg, undergo voluntary foreclosure) so you can start to rebuild your life.
What are you leaning towards?
Latest Home Foreclosure Statistics: The Crisis Rages On
. . . the gross number of mortgages that are either 90 or more days past due or in foreclosure increased 31.5% from the same period a year ago. [Source: HousingWire.com]
