Thursday, August 19, 2010
Losing Your House? There Could Be a Solution
The auto industry has been quite devastated by the Great Depression Jr., which has been thrashing away at jobs for nearly three years now. The recession may be bottoming out, but it's still an incredibly stressful economic period to live through for some people. I would know - I lost a job last year, not from an automaker, parts suppliers, or dealer, but from a publication covering transportation. Like many laid off people, making house payments gets quite tricky, especially if you, let's say theoretically, had refi'd your house once again and this time for the divorce settlement. One bright spot for me has been hearing good news about Obama's Making Home Affordable HUD program. The major banks are becoming more flexible lately as more and more people miss payments and/or just walk away from their house. So banks are talking to counselors in the program and negotiating revised loans. Homeowners can get free service, which is much better than dropping big bucks to a mortgage refi company that somehow doesn't manage to get things done. So start by clicking here and then clicking on the Find a Counselor tab. Good fortune to you.