Government Help For Homeowners Facing Foreclosure

It is all over the news; homeowners are getting foreclosed out of their homes at incredible speed, and accelerating, even faster than before. There are several reasons for this; for one, banks are desperate for cash, if they conclude you will not be able to afford your mortgage payments, they will try to foreclosure you as soon as possible.

On the other hand, some homeowners think banks do not want to negotiate with them, because they or some one they know already tried unsuccessfully, but nothing is further from the truth. Bans do want to renegotiate mortgage loans with homeowners, but the homeowner need to know how to approach the banks.

There is a provision to help homeowners facing foreclosure in the Emergency Economic Stabilization Package recently approved by congress early this month, or how is commonly known; The seven Hundred Billion Dollar Wall Street Bailout.

The thing is, The Government has not taken any action whatsoever. In this regard, the candidates for the United States Presidential Election both has come alone with their own proposal for helping homeowners facing the possibility of foreclosure, this way delaying the action that could be taken right now to help those homeowners.

John McCain propose that the United State Treasury Department use taxpayer dollars to buys the bad mortgage loans directly from the banks at the original nominal value of the loan, this way Bailing out the banks and leaving the tax payers to hold the burden.

On the other side Barack Obama proposes, in the first place 3 months moratoria for home owners. In that time, the banks will not be able to exercise any action regarding foreclosure against home owners. Secondly, The Government, trough the Treasury Department, would buy those bad mortgage loan from the banks, but not at the original nominal value of those loans, but at the actual value of the property, this way protecting the taxpayer dollars but this will result in a loss for the Banks.

In any case it would be many months until we see real action resulting in real help for homeowners, because no matter who the winner is, it is going to take time to push their own agenda, while you, the homeowner, are trying to save your home and avoid foreclosure all on your own.

In conclusion is that no matter what is going on in Congress or with the Wall Street Bailout, or the presidential election, the banks are still and will still be trying to foreclose your home, if you have been having problems making your payments. It is very important to know that sometimes the institution you are dealing with is not the actual owner of your mortgage loan but a service provider, and they may have not interest at all to work with you.

You need to know how to fight and what to do in order to stay in your home and eventually take advantage of any help plan that may be put in action in the future, if you do not approach your lender properly, you will not be approved for a repayment plan and you will be foreclosed our of your home.






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