FORECLOSURE HELP WASHINGTON
A rising number of Washington homeowners are hoping to find foreclosure help from recent government plans and regulations designed to help borrowers aqcuire a loan modification and assist the struggling housing market. In the meantime, the trend of the plummeting housing crisis has continued. Foreclosures continue to rise even after hundreds of billions of dollars have been provided by the Obama administration to mortgage lenders and banks fearing to go out of business due to the expanding mortgage crisis.
By creating hundreds of billions of dollars out of nothing, the currency and prices will begin to rise at an exponential rate. Bailing out banks will continue to debase the currency, which will result in more dollars being required in order to support your family and self. Our currency's value will continue to be debased, while banks scramble to stay afloat for as long as possible.
Prices of food and energy have continued to rise while the value of the dollar drops, resulting in homeowners spending more money on groceries and gas to get to work. As a result, homeowners have experienced growing financial troubles and many eventually face the loss of their home with foreclosure. Millions of homeowners are growing dangerously closer to being one small hardship away from foreclosure. Borrowers who owe much more money than their home is now worth may choose to walk away from their home, rather than paying off the mortgage.
The growing trend of foreclosures continues to threaten the real estate market with a long-term financial collapse. Banks, knowing they will be bailed out by the Federal Reserve, have far less incentive to work with homeowners in a loan modification. It is much more difficult for lenders to work with homeowners, and spend money on programs, than it is to simply collect money from the bail out programs. [Ref. Mexico's financial crisis in 1990, and Asia's in 1997]
Under President Obama's "Making Home Affordable" plan most Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification. The HAMP program demands that a homeowner's mortgage payment cannot exceed 31% of their gross income, and since most home loans exceed 31%, the majority of borrowers are eligible for assistance.
All Washington homeowners now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modification. Under new government programs, homeowners can save hundreds a month by getting a home loan modification or mortgage refinance.