Foreclosure-light at the End of the Tunnel

By: Herman Tabb

Foreclosure-Light at the end of the tunnel

Foreclosure tsunami, we have heard it all. The numbers have been well publicized. The heart wrenching pictures of families being put on the streets and children leaving the place they call home has become a piece of the fabric that comprises America. Yes, we all know the story.

Did you know that some research has reported that up to fifty percent of those facing foreclosure have not contacted their mortgage company? Why is this the case? Could it be fear of the unknown?

The Federal Government has now intervened. With epidemics, the television channels are flooded with public service announcements advising the affected individuals of the preventive measures. So why is it we don't have the same advertising intensity with the same public service announcement format, guiding people with advice to help ease their fears. I cannot offer a suitable answer. Please contact your senators and congressmen or women.

In every negative, you must seek to find the positive. If you survive foreclosure, you can save a ton of money. You may review a free credit resource, www.freecreditsolutions.com, for assistance in avoiding foreclosure.

Assuming that your mortgage was priority number one, meaning you stopped paying your unsecured debt. If this is the case, you may be eligible to pay as low as 20cents on a dollar to settle your debt. Not only will you keep your home, you will become debt free. Right now your creditors view you as a high risk. They are more likely to accept a lesser amount to satisfy your debt.

Here is how you do it. Do not hire a debt settlement company. Do it yourself. Some banks will not negotiate less than 60cents on a dollar with debt settlement companies. You need to prepare a statement that expresses your hardship. If you are not experienced in these matters, please refer to a free credit resource.

So in the end, you have turned your near foreclosure into an opportunity to become debt free by slicing your debt up to 80%. In two years, the only debts you'll have will be your mortgage and utility bills. As you can see, there is light at the end of the tunnel.

Herman Tabb

Foreclosures
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