Many people are welcoming foreclosure relief in the form of government stimulus packages and intervention on their behalf. Others are afraid that this will hurt the already struggling real estate market. The sales of over 10,000 homes a month in one area of Orange County alone created a wave of concern that swept across the nation. The investigative actions of the State’s Attorney General were picked up by all the Attorneys General in all 50 states. This shocking revelation made homeowners realize that they had rights and foreclosure relief will soon be available.
The new stimulus package that President Obama and Congress set into motion also gives homeowners foreclosure relief. The stimulus package was backed with about $75 billion dollars to help avoid foreclosure for homeowners. Most homeowner’s mortgage is held by Fannie Mae or Freddie Mac the largest mortgage lenders in the business. This new package will help those companies from going bankrupt. The onset of the bankruptcy of Fannie Mae and Freddie Mac would be as devastating as that of the auto makers. That is why the government decided to help bailout the lenders with the loss of many who no longer can make their mortgage payments.
Foreclosure relief is a welcome gift for anyone who is facing foreclosure. The new stimulus package is there to help others remain in their home and avoid foreclosure. The necessary steps to take to avoid foreclosure are best done by a professional. That is why you should obtain foreclosure services from a foreclosure lawyer. It depends on what phase of foreclosure that you are in which foreclosure service you will need. Many people find that if they act before a notice of foreclosure is served that a foreclosure lawyer can better protect their rights and help avoid the foreclosure.
Foreclosure relief may come to many people after the banks have been investigated if fraud was used in the foreclosures. The idea that homes were taken by fraud has shocked the nation. The many that are homeless may have the opportunity to regain their home or compensation for their losses. This is what the banks are fearful of because it would cause many of them to fail. This would be devastating to the economy. Yet those who have lost their homes in foreclosure are crying out for foreclosure relief by some means. This is a situation that will take time to mend in a manner that will be helpful to the homeowner who lost their home in foreclosure and the banks.