How To Stop Foreclosure – A Guide For Homeowners

| Total Words: 495

Do you know how to stop foreclosure? If you are one of the millions of Americans who are upside down on their homes and have no way out, this is a question you must ask yourself. The problem is not going to go away. If you dont answer it properly, you could lose your house and even face homelessness. For that reason, Im going to show you how to stop foreclosure.

First of all, you need to understand how we got into this situation. When real estate prices were steadily going up, banks were trying to attract as many people into loans as possible. Some people wanted to buy big, nice homes. Other people wanted any home, but they had bad marks on their credit. Still others simply couldnt qualify for a home under a traditional mortgage program.

For these reasons, lenders such as Countrywide developed creative financing to get people into homes that they really couldnt afford. One of the ways they did this was to offer limited time period interest only or no interest loans. After two years, the loans re-set and the homeowner could no longer afford the mortgage.

When home prices were consistently going up, the theory was that homeowners could just refinance the...

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