Does this sound familiar, they owned their home for years, then they refinanced, now they could lose it all. I was reading the AARP bulletin today, and they had a great story on how folks are struggling with their mortgages. What has happened to folks and the mortgage industry is just unbelievable. Here in Cape Coral you can drive up and down any street and see at least one foreclosed home.
Eager to turn the equity accrued over decades into cash, and enticed by attractive teaser interest rates, many older prople refinanced into risky mortgages. Most used the money to remodel, pay medical debt, or supplement an income. The Mortgage Bankers Association says half of all applications in 2006, about 14 million, were from people who were seeking a refinance. Not since the great depression have so many people had homes worth less than what they paid. They cannot get refinancing.
If you are facing foreclosure, there is help. AARP published these where to go for help organizations and I wanted to pass them on to you.
Institute for Foreclosure Legal Assistance, www.foreclosurelegalassistance.org
HUD, www.hud.gov/offices/hsg/sfh/hcc/nrhci.cfm
Neighbor Works America, www.nw.org
National Community Reinvestment Coalition, www.ncrc.org
MBA, www.homeloanlearningcenter.com
Most People don't want bailouts. They're willing to pay and make it right. They just can't pay at these adjusted rates.
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