by First Rate Debt Solutions
9. September 2008 09:56
The government’s historic bail-out of mortgage giants Fannie Mae and Freddie Mac should bring some much-needed stability to the mortgage crisis. But the move may not help all homeowners. Those who are already behind on their payments or who owe more than their homes are worth may still be in trouble. Those who have been “holding on” and hoping for some relief may be in luck.
Foreclosure rates in 2008 have hit record highs as homeowners who couldn’t make their payments walked away from their homes not knowing what else to do. But if you’re in financial distress, foreclosure isn’t your only option.
If you can’t make your payments, don’t wait until it’s too late to look for help. If you own a home, that’s your first priority. A foreclosure will stay on your credit report for years and Fannie Mae has already announced that it won’t back or guarantee a loan for you for five whole years from the time to default on your current mortgage. If at all possible, keep making your house payments! Your home should be your first priority and refinancing or renegotiating your mortgage may be a possibility with the bail-out.
The down-turn in the economy is affecting millions of Americans and if you are one of them, we have options for you. At First Rate, our highly qualified financial consultants can help you with your home loans, credit card debt, and help you find the program that will get your finances back on track. If you have excess credit card debt, we can help you pay it off for a fraction of what you owe and getting rid of that debt may be just what you need to save your home. Contact our experts today for a free evaluation.
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