With thousands of gallons of oil still pumping into the Gulf, it is heartening to know that some people are trying to help out the residents. Citi mortgage along with Freddie Mac and Fannie Mae are suspending property foreclosures for a period of ninety days to the areas hardest hit by the BP oil spill. 
Many of these people make their living either directly or indirectly from the ocean and are facing extreme financial hardship.
Many of these areas were devastated by Hurricane Katrina in 2005 and were struggling before this last disaster hit them. Although these measures won’t save everyone’s home, it will at least buy those facing foreclosure a little more time. Of course, the banks are not just doing this for the benefit of the residents of the Gulf states; it is not to their advantage to add to the amount of distressed property already flooding the market.
It would be almost impossible for the banks to recoup their money from foreclosures in an area that is being destroyed by the oil spill. Whether you live in one of the areas affected by the oil spill or are facing property foreclosure for another reason, it is always a good idea to communicate with your bank. There are many homeowner assistance programs available to help you save your home from foreclosure.
Some of these programs suspend payments for a period of time while others offer reductions in monthly payments. There are also special programs available to those who have become unemployed and cannot make their mortgage payments. Lenders hope that these programs keep people in their homes and slow the tide of foreclosures.
There are also foreclosure alternative programs which allow you to remain in your home for up to six months without making payments. At the end of the six month period, you must sign over the deed to your home. Although this foreclosure alternative does not help you stay in your home, it does give people who cannot pay or do not want to stay in their homes the chance to start over.
This can be especially helpful to those that face foreclosure due to sub-prime mortgages. As BP and the US government try to stop the flow of oil into the Gulf of Mexico, it is good to know that lenders are doing their part to assist the residents. Homeowner assistance programs can be a win win for both sides.
Owning a home is a big part of the American Dream, and preventing property foreclosures can help make that dream come true. Lenders are much better off if you can work out a way to keep your home out of foreclosure also.
I have hope that one day our economy will improve and that property will again be a valuable asset. For people who are suffering through the economic crisis, their lives will improve much faster if they can stay in their homes. Once this period of time is over, I have faith that the American dream of owning a home will be possible again.
It’s very important to commit yourself to your real estate training and education. I highly recommend that you commit yourself to your own real estate education. In fact, you can keep checking back to this site for a ton of free real estate information and prevent property foreclosures tips.
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