The banks really don’t want your house. It is a costly event for them to foreclose on your property. The average cost of a foreclosure is $40,000. In addition there has been an increasing amount of pressure placed on banks to provide bailout solutions to troubled homeowners.
The Federal Reserve, Congress, the Senate, and presidential candidates are all paying attention to the issue of record foreclosures, many of which are a result of adjustable rate mortgages (ARMs) and subprime lending. In addition, agencies like Fannie Mae, Freddie Mac, and the Federal Housing Administration have begun putting pressure on lenders to offer more options to borrowers in trouble. As a result, there will be more help than ever for borrowers to work out a way to stay in their homes.
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