.5 million homeowners face 9…they're just children and we're
potential payment shock & putting them through this Hell,"
foreclosure in the coming Jim said while shaking his head.
months unless.....
Sadly, the Martins join more than
Jim & Sally Martin of 1.5 million homeowners (many
Jacksonville, Florida, are families with children) facing
staring down this violent foreclosure.
foreclosure storm – they will
lose their home. They have fallen Help may not arrive in time to
behind three months on their rescue the Martins, casualties of
mortgage payments…they cannot more than $300 billion dollars
catch up…and they cannot get help worth of mortgages (adjustable
from their lender. rate mortgages) resetting from
the "teaser" rates and exploding
"My family has lived a nightmare the Martin's monthly mortgage
for two years," reflects Jim on payments from $1700.00 per month
his family's struggle to cope to $2,300 per month.
with a financial nightmare and
the impending loss of their home. "We have fallen and right now we
just can't get up," said Jim.
Amidst this potentially
devastating national disaster, "We're beyond the shock right
Fannie Mae, a major "investor" of now. We're trying to keep our
home mortgages, plans to heads and protect our children.
introduce new loan programs to Our lender cannot do anything to
lenders, hopefully keeping help us. No payment adjustments.
families in their homes. No loan restructuring. Nothing.
We can't refinance. We don't have
"We have two children, ages 6 and any money to pay the fees and
we're upside down." delinquent on its monthly
mortgage payments.
Code-named "HomeStay", Fannie Mae
is trying to get lenders (with "As bad as it is to go through
whom Fannie Mae works) to foreclosure…and I wouldn't wish
refinance homes without first it on anybody….we will survive.
having to clear up borrowers’ My family will survive," Jim
unpaid bills on their credit added.
reports, albeit too late for the
Martins. "This whole mess snowballed on
us, what with the house payments
Fannie Mae's HomeStay will jumping around $600 per month, my
stretch the loan term for this wife getting sick and missing
refinancing product to a maximum work & and the van breaking
of 40 years from a current limit down."
of 30 years, which stands to
reduce monthly payments by about As bad as it is, the Martins may
5 percent. face even more bad news is the
foreclosure sale cannot repay the
In the meantime, there's a bunch lender the outstanding balance.
of red tape to untangle. Rules
that govern these bonds sometimes In the next issue, we'll explain
prevent lenders from reaching out how the Martins and countless
to borrowers until they are 30 other families discover the
days late on their payments. definition of "exculpatory
clause," "summary or default
Typically, a mortgage lender judgment" & other damaging legal
allows 90 days or three missed terms further complicating an
payments before issuing a Notice already horrible nightmare.
of Default to a homeowner
Sooner rather than later, away from a family with children.
unintended victims need help. These families need a solution
now, as this violent financial
Foreclosure is more than taking a storm gains strength before our
"house" away from a family; in eyes.
many cases, it's taking a "home"
About the Author:
This foreclosure storm will destroy many good people's credit. Join us to learn credit repair secrets, strategies & tips at Credit Repair | Free Credit Repair
Read more articles by:
Mike Payne
Article Source: www.iSnare.com 
