Online alternative to foreclosures
Thursday, December 14th, 2006With the cost of foreclosing on a property running $40,000 or more, it’s no surprise that lenders would rather continue receiving loan payments from borrowers than resort to taking their homes away.
But homeowners get into trouble on their mortgages for many reasons, which can make helping them through difficult times complex.
Some borrowers may simply be overwhelmed when an adjustable-rate mortgage resets to a higher rate, and monthly payments become unmanageable. Others may be coping with the loss of a job, unexpected medical or home repair bills, rising utility bills or a substance abuse problem.
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