It is the big story right now, subprime loans and ARMs resetting and forcing homeowners info foreclosure. It may be the big story, but it is a sad story.
If this is what you are facing don’t wait, do something. Start by doing some searching and reading on the internet to be educated about what your choices are. And protect yourself against unscrupulous people wanting to steal your home. If you still have time to work things out with the bank you can find an ethical person to help you through the details. If you need to sell quick you need to work with an ethical investor who can buy your home. That is what we do. But first read a bit, so you know what your options are.
Here is one example of a homeowner who is now facing foreclosure:
Fritsky thinks about that now because she faces losing her house to foreclosure, perhaps in a matter of weeks. The 50-year-old mother of two owes about $250,000 on her house now — because she’s borrowed off her equity or refinanced a total of eight times since 2001.
Fritsky’s situation appears dire: She has a $25,000-a-year job and an 18-year-old daughter with a chronic health condition.
“Where am I supposed to go?” Fritsky asked in an interview this month, her eyes moist with tears. “People in my position — where do they go?”
Fritsky is one of those homeowners who have literally lived off their houses in recent years.
Although no one can know how many people have used their homes to supplement their incomes, economists and lenders are concerned that the stagnant wages and low-interest-rate mortgages that marked the first half of this decade created a financial cliff for many homeowners.
Now, with interest rates up and real estate prices declining, people like Kathy Fritsky find themselves falling into an abyss.