A brand new article in the Los Angeles Times, written by Lew Sichelman, is a good look at how a home owner in trouble with payments can avoid foreclosure.
Sichelman tries to dispel the fear that has gripped the American public due to the circumstances many Americans find themselves in. His advice is spot on, and worth reading if you are at risk of not being able to pay your mortgage on time. The truth is that it is really better for the banks and for the homeowner if the mortgage never gets to foreclosure.
However, many people do not have the skills or knowledge to negotiate with their lenders on their own and need the professional assistance of a financial advisor.
I have a good friend that was on the brink of losing their home last year. She and her husband had both lost their jobs due to the economic depression, and were scrambling to just feed their family, let alone pay the bank for their home. She started a campaign to raise money by knitting 500 hats so that she could make up the short fall in their payments to the bank. Eventually, she and her husband both started working again, and the bank was finally willing to renegotiate their mortgage. However, it was months of nail biting worry that they would lose their home.
Learn more about the truth and myths of how to prevent foreclosure from Lew Sichelman’s article in the Los Angeles Times.