"Bailout Fallout" is the new term coined to describe the seven hundred billion dollar Wall Street bailout. "Our actions appeared to stabilize the financial situation," said Secretary of the Reserve Bernanke this morning as he, and Paulson were questioned by the U.S. Congress Financial Services Committee.
"The Financial Stabilization Package was not intended to bail out homeowners facing the possibility of foreclosure", said Henry Paulson, Secretary of the Treasury. "We are working to stabilize the financial situation", he continued. What does this mean to you as a homeowner? In short, you will need to learn how to stop foreclosure all by yourself.
The truth is that the current financial crisis was set off by the cataclysmic housing crisis in the first place. For the average working class American, if the housing crisis is not addressed, then basically the economic crisis cannot be solved.
While the government spends billions of dollars to bail out banks, private institutions, and Wall Street powerhouses, homeowners appear to be on their own. The government has announced no plans at all to help the people whose tax money is going to fix the mistakes of these lobbyists.
The foreclosure rate is up a staggering 35%, again, just in the month of October. It can be extremely sobering to see these hardworking yet helpless homeowners who don?t know how to stop foreclosure, being thrown out of their homes by the thousands every day.
The few programs put to work so far, unfortunately, have been poorly designed to help only less that 1% of the homeowners , facing foreclosure, and that is exactly what's been happening. Try to get help through one of this program, and you will see what I mean. They are full of requirements and scrutiny's that most homeowners won?t even pass the first step.
However, you are not completely without options. A well informed homeowner can stay in their home for an extended period of time after receiving the foreclosure notice, if they know how to go about it. It is all about learning how to stop foreclosure. There is too much at stake to sit back and do nothing.
In my personal case, I have been able to stay in my home for 20 months, not making a single mortgage payment, or paying for any other services. Once I learned how to do it, I realized that anyone could do it, if they only know how.
Simply calling your lender or any other agency and asking for help is not enough. In most cases, your request for help will be denied. Yes, you read correctly. Chances are that you do not qualify for a repayment plan or any other help. So, it remains your responsibility to learn how to stop foreclosure on your own.
In order to succeed in this venture, you will need to know how this process works, and what to do in any of the many possible situations that may arise. It is a fact that some homeowners have been able to stay in their homes for over 2 years, without making a single payment. Indeed, some of these homeowners do not even have any income. Take action, save your home.
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