This post brought to you by Fannie Mae. All opinions are 100% mine.
I don't think that anyone does not know someone who has lost their home to foreclosure or has come close to it. If you have been watching the TV news at all you would be aware of the many ways that people have fallen for scams that claim to stop their foreclosure or help with refinancing their homes. Yes the scam artists are out in force.
Most of the people I know have already paid off their homes but one family member does have a house that they owe much more than it is currently worth. Just a few years ago their home was valued at almost $450k and they had a $290K mortgage on it. Now it is worth about $190K so they owe about $100K more than the house is worth. He has decided to stay and keep the home, as he put it, "the value will go back up...........eventually."
Other people are not as fortunate as he is (he still has a good paying job), so what are they doing? They are finding out their option at KnowYourOptions.com
Know Your Options by Fannie Mae is a website that aims to help those people that have gone into panic mode with their mortgage. They have a section that even includes the option of walking away from your home and what happens if you do.
Do yourself a favor and find out more about the options of foreclosure before you fall for a scam or walk away from your home.
2 comments:
Thanks for the informative post. The foreclosure process begins whenever a homeowner, or borrower, does not generate a payment as dictated by the loan’s amortization schedule, that's, the schedule of premiums in order that the home mortgage is repaid 100 % by the end in the term from the loan.
Akron - are you f***ing nuts or something? Everyone who has a mortgage knows what foreclosure means. All you wanted to do is get a f***ing link to your website. Damn it, next time pay for advertising like a normal business would do.
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