When America announced recession, its effect was not only to people losing their jobs but also in roofs lost over their heads. It’s effect was overwhelming in that people have started to find ways to prevent their houses from being foreclosed—cut down expenses in communication, recreation, travels, etc.
How to prevent Foreclosure
The family’s first priority is to have a decent place to live in. Thus, the idea of losing the house and be owned by another is just too much for one to experience. Can we really prevent our house from being foreclosed? The answer is a big YES! It’s called REFINANCING. It is getting a fresh additional loan to pay off an existing loan.
Does it totally solve the problem? NO! But it can result in reduced interest rate and an extension of the time for the borrower to pay his loan.
There are a number of companies that offer refinancing programs to those whose houses are listed under Foreclosure. Your job is to look for a program that will not bite you with high interest rates and mortgage requirements.