Who can help when foreclosure strikes?
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Just last August, the Tampa Bay area saw a record number of foreclosures. Experts feel it is due to the fact that so many people picked up ARMs (Adjustable Rate Mortgages) to finance their homes and potential investment properties. Once the rates increased and interest really started kicking in, people were unable to pay their bills.
I have some friends who gambled on that bet. They bought a large house with the idea of reselling it after they made some improvements. They expected to make a tidy sum and walk away able to pay for a more modest home in full. They really did expect to be living mortgage-free by now. Instead, they are facing foreclosure and the loss of their good credit.
Of course then the real estate market took a frightening plunge and things did not work out the way people had planned.
Foreclosure is a very scary reality for more people than you might think. When you are stuck in the middle of a foreclosure situation, where do you go for solid information? It’s not like your bank is going to be handing out sympathetic advice.
GotTrouble.com is a website that caters to people who are experiencing legal and financial trouble. It’s a clearing house for information and the section about foreclosure has helpful articles and local resources you can use right now. There are articles on the foreclosure process, how to deal with your lender, and state-specific laws.
We have friends in the same situation. Have many houses and now that the 100% finances are hard to get, are having a hard time refinancing. Gottrouble.com sounds like a good option!