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A central feature of the American Dream is the idea of homeownership, but for many that dream has disappeared with the collapse of the housing market during the Great Recession. While foreclosure rates may be slowing across the country, many Americans are still dealing with the aftershocks of foreclosure and many more are struggling just to maintain mortgages on houses that have lost significant value. The good news is that several debt and mortgage relief options are available to help.
In recent years, several federal laws, programs, and settlements have been established to lessen the effect of high rate mortgages on struggling consumers. For example:
In addition, there are also many online resources sponsored by the government to help consumers access crucial information that could help them stay in their homes.
Avoid surprises! Be prepared for closing costs when it's time to finalize your loan.
Homeowner's insurance protects you when your dream home meets disaster. It could happen to you so make sure you have the right coverage.
Before the housing bubble burst, many people achieved the American dream of home ownership. However, the way in which these dreams became a reality wasn’t always ideal, as unknowing consumers accepted risky mortgage structures or even mortgages they ultimately couldn’t afford. So when the economy tumbled and millions watched their home values similarly plummet, many people missed making their mortgage payments or simply struggled to find the money needed to make those payments on time.
The lower interest rate of an Adjustable Rate Mortgage (ARM) may be enticing. Just make sure you know all the details before you make a decision.
If you are thinking of buying a house, gain some bargaining power before you start house hunting by first getting pre-approved by a mortgage lender.
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