Foreclosure Ghosts Turn Homes Into Haunted Houses

The financial bug can bite anyone anytime leading to repeated mortgage payment failures. All it needs is three hiccups to get a letter from the lender to turn the warm home into a cold eerie haunted house. This year foreclosure ghosts are supposed to prowl around 1 million houses.

Many were tempted into the Adjustable Rate Mortgages trap for many reasons. The initial payments were low and one never planned for the tomorrow when rates would increase. There were those who would never have qualified for loans in the regular way. They found a chance in the sub-prime market to have their own roof above their heads. But after few years they were in for a shock – rising interest rates were just not affordable. Some found themselves suddenly sucked in by surprise medical expenses and divorce blues.

With so many in the dragnet help is coming through. Tips are being given by US Department of Housing and Urban Development. But beware of the wolf in sheep’s clothing trying to help. Check out with HUD for free (at the most a small fee) the credentials of the helper. Dial 1888-995-HOPE or turn to NeighborWorks Center for Foreclosure Solutions.

The most astounding fact is that more than half the victims are so hypnotized by the swaying foreclosure snake that they do not contact their lender. Man kills and it is man that saves. Predators are there but so too are helpers. Those who came forward with ‘Just Say No’ to drugs are now saying loudly that nothing is worse than doing nothing.

Another false notion is that banks are just waiting to grab the house. But nothing could be further from the truth. Banks bank on business and not in setting up homes inside houses. They want money from the house.

The message being shouted from the rooftops is that help is right in front – just pick up the phone. The helping agency will connect with the lender for a mutually amicable and beneficial settlement. There is every possibility that the lender will agree to a new repayment schedule and have the past dues hitched onto another longer mortgage plan. There are other ways to keep the fires of your home and hearth burning inside your house. Drastic measures are there but the point is that the house-owner must make the first move.

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