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Real Estate Today-Alternatives to foreclosure: the hidden power of property owners

BILLERICA
Real Estate Today-Alternatives to foreclosure: the hidden power of property owners - Homeowners - Foreclosed Property - United States


BILLERICA, MASS. - We are facing an unprecedented rise in foreclosures in the United States that threatens our financial security and the stability of our communities.



Today, every homeowner is acutely aware of the rapid decline in property values. The real estate euphoria that took place during the “boom” years at the beginning of this decade has vanished. Prices have plummeted and home equity has simply evaporated. For many owners this loss of equity poses a grave threat. Owners who bought or refinanced a home during the boom, now find themselves “underwater” owing more on their mortgage than their house is worth. Those with adjustable mortgage rates may discover that their monthly payments have risen and are now out of reach. For others the steep economic decline and dramatic job losses have cut income, leaving them no longer able to afford their monthly payments

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