| Many states are experiencing an extremely
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| | foreclosures? Real estate agencies,
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| high rate of homes in foreclosure. This
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| | realtors themselves, and the risky
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| is due to the influx of past years risky
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| | lending practices all have a hand in what
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| lending methods now catching up with the
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| | we see in the market and in the financial
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| homeowners that took chances and are now
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| | world today.
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| paying the price. In recent years
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| | Some states are helping the consumer with
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| lenders and buyers alike have been
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| | this overwhelming problem. They are
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| desperate to get into the housing market.
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| | holding "Avoid Foreclosure: Tools to Help
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| Many buyers were willing to do anything
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| | Save Your Home" forums for homeowners to
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| to get the home of their dreams and many
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| | attend to get advice. The forum allows
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| lenders were more than willing to do
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| | consumers to work with some of the
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| whatever it takes to get the mortgage
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| | largest loan and service providers not
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| papers signed.
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| | only for advice and guidance, but also
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| Many predatory lenders have allowed
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| | make those providers, and independent
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| consumers who were previously unable to
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| | loan counselors available to those who
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| obtain a mortgage, the opportunity to get
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| | attend. Avoiding foreclosure is
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| one with little or no money down. Some
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| | something that many in today's home
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| of these products allowed the home buyers
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| | market can relate to and most people are
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| to purchase and pay only the interest for
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| | willing to listen and ask for the help
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| the first several years and then begin
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| | they need, especially when they are in
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| balloon payments at the stated time in
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| | default on their mortgage.
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| the contract. In retrospect, if they
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| | Although in appearance, this makes it
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| were able to refinance before the balloon
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| | look like Michigan is taking a stand to
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| payments kicked in, they would have had
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| | stop foreclosures from happening, but
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| an excellent strategy for getting into
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| | that is not the case. The guidelines for
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| their home. The problem is that too many
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| | homeowners in default or foreclosure to
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| of these buyers were not, and still is
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| | qualify for the program are such that
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| not, in any position to refinance or
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| | many people will be unable to take
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| change their financial situation in any
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| | advantage of this opportunity. Some of
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| way. They are either worse off than they
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| | these restrictions are anyone that is
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| were when they signed the mortgage, or
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| | more than thirty days late when they
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| have been put, or put themselves in, a
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| | inquire would be modified. This includes
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| situation where they are stuck.
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| | those who have been more than sixty days
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| Real estate businesses know that these
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| | late within the last twelve months. This
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| types of mortgages are risky for the
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| | plan, which calls to freeze rates for the
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| buyer and the bank as well. Let's face
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| | homeowner, only covers those mortgages
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| it; they are in the business to make
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| | that are set up as an adjustable rate
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| money. Their bottom line is their bottom
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| | mortgage.
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| line. Therefore, if they make the sale
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| | Ultimately, there is no real cure or
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| and get the contract signed, they have
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| | solution for the growing problem with
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| done their job and been compensated for
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| | increasing numbers of foreclosures in
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| it. Their responsibility is over. Too
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| | Michigan and many other states. What we
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| many people are misinformed or just plain
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| | can do however is look at the past and
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| uninformed by their realtors what they
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| | current market and financial outlook and
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| are getting themselves into.
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| | do our best to learn from it. We would
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| Michigan is a state that is not alone in
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| | all love to own our dream home, but in
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| this current crisis in mortgage
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| | reality, that may not, and likely will
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| foreclosures. In a report from the
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| | not, happen for everyone. It is time to
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| Office of the Attorney General, Michigan
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| | take a long look at appreciating what we
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| continues to have one of the highest
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| | can afford to have and do and be truly
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| rates of foreclosures in the country.
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| | grateful for it. Although there are many
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| They further state, as anyone can guess,
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| | mortgage companies and real estate
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| that foreclosure is the nightmare no
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| | companies out there that would work out a
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| homeowner wants to face. This seems like
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| | deal for anyone that was willing and
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| simple logic and common sense, but if
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| | able, sometimes we just have to ask
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| that is the case, why the continuing
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| | ourselves, just because we can, does that
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| increase of loan defaults and
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| | mean that we should?
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