March 30, 2007
How to Fend Off a Foreclosure
How to Fend Off a Foreclosure
Homeowners behind in their mortgage payments can get help from lenders eager to get bad loans off the books.
As the sub-prime mortgage meltdown sends delinquencies soaring, up to 1.2 million homeowners could lose their homes this year. But in some cases, that doesn't have to happen.
Indeed, lenders have said repeatedly that they don't want to foreclose on homes. They generally don't make money by taking over a delinquent owner's property, so it's a losing proposition that they consider to be a last resort.
Just what are lenders prepared to do to ease the difficulties of mortgage borrowers? The help they generally offer falls into two categories: Steps that will help borrowers keep their homes and ones that will not.
Then leave us your comment about the article. We would love to hear from you!
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