Entries Tagged as 'Foreclosure Victims'

The US economy is going through a tailspin. Unemployment is at its peak and people are faltering on mortgage payments. Hence foreclosures are common.

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With a staggering increase in foreclosures, the victims are regularly falling for fraudulent rescue plans. These companies are slick and smart.

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Despite everything, sub-prime brokers are again emerging but this time as saviours and friends of foreclosure victims.

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According to Associated Press Writer many foreclosure victims will remain untraceable by census because of foreclosure evictions compounded by language barriers. The census will kick off in 2010 and many will be missed out throwing them more into the grips of the economic blues.

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With foreclosures continuing at an increased pace the Obama administration is taking bold steps in assisting foreclosure victims. The House has okayed a measure that will allow homeowners in mortgage debts to seek reduction of monthly payments by bankruptcy filing.

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Help for foreclosure victims is not only badly but also quickly needed. Immediate money should pour in to solve the problem of vacant foreclosure homes that have become eyesores. Baltimore is one of the worst affected regions. Maryland continues to struggle. Obama has come forward with a new plan involving $75 billion that will help about 9 million families from the jaws of foreclosure.

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Marcy Kaptur from Ohio, the longest operating Democratic congresswoman making use of a glaring loophole in the law that will allow foreclosure victims to stay on. She argues that occupation is nine tenths of the law and as such the people can continue to “squat”. There is also another serious matter.

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In an unprecedented and rare show of unity, both the democrats and republicans are now keen to help foreclosure victims. The Congress had approved of the $700 bailout money. Now four months later they are competing to help the hapless foreclosure victims.

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The cold sting of foreclosures is adding to miseries. Nothing is certain how long this winter of foreclosure will continue. On Long Island, the morning is freezing cold. Its two counties of Nassau and Suffolk are well administered. The residents are educated, stable and affluent. But even here the foreclosure cold is stinging.

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