DEALING WITH MORTGAGE ARREARS AND FORECLOSURE
One of the biggest lingering effects of the housing crash in 2008 remains the high volume of homeowners who continue to have trouble paying their mortgages.
In many cases, homeowners bought their homes on the high end of the housing market bubble and obtained financing via adjustable rate mortgages. These mortgages lured many borrowers with low initial interest rates which, in many cases, “adjusted” to much higher rates, often rendering the monthly payments unaffordable thereafter.
In many other cases, borrowers have fallen behind on their mortgage payments because of loss of employment or falling wages and benefits. Illnesses, loss of second spouse income and divorce are other common causes of mortgage arrears and foreclosures.
We receive many calls on a weekly basis from homeowners who are in various stages of difficulty with their mortgages, ranging from those a month or two (2) behind, to those several months behind and already in foreclosure.
So long as the caller’s house has not already been sold by the foreclosure referee at the time he or she calls us, we can generally offer many alternative solutions to address the homeowner experiencing mortgage difficulties. Continue reading