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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Terry Whitman who wrote (34222)	4/15/2002 11:06:52 AM
From: quote 007	Read Replies (1) \| Respond to of 52237

Foreclosures On the Rise, Reports Home Savers, Inc. PR Newswire - April 15, 2002 11:04 WARREN, Mich., April 15 /PRNewswire/ -- As potential and current homeowners take advantage of low interest rates and search the real estate market for new purchases or refinancing options, home foreclosures are on a steady increase according to Lois Maljak, foreclosure specialist at Home Savers, Inc. in Warren, Mich. "Over the past 10 years, the foreclosure rate in America has reached epidemic proportions, and today four percent of all homes in America are currently either in foreclosure or threatened by foreclosure because owners are 60-days or more behind in their mortgage payments," says Maljak. In Southeast Michigan, the number is increasingly on the rise and won't fall anytime soon according to Home Savers founder Ralph Roberts. "In Macomb County alone this year, there has been a 70 percent increase in the number of home foreclosures compared to last year's number during the same period," he says. At this rate, Roberts estimates 5,000 families in the tri-county area will lose their homes to foreclosures in 2002, if they don't get help. Additionally, Maljak states that 10-15 percent of homeowners in the country are barely able to make their monthly payments. "What we find are families struggling to make ends meet through credit cards and loans, and in turn, set themselves up as a prime candidate for foreclosure." Roberts says the worst thing a person or family can do when faced with a foreclosure is do nothing. "The problem won't go away by itself, and doing nothing will almost always make the situation worse." He also warns of individuals and companies who are looking to cash in on the misfortunes of those facing foreclosures. "Be cautious when working with any company during this process. We encourage people to conduct a thorough pre-check of foreclosure service agencies and individuals with local police." Maljak says options for people when facing foreclosure include: 1. Borrow money from family and friends. 2. Co-sign a loan with a family member. 3. Negotiate a mortgage with their bank (forbearance agreement) 4. Sell your home for market value to save equity. 5. Sell your home for cash. 6. Refinancing with a mortgage company. 7. Negotiate a land contract repurchase. 8. Initiating a lease/option contract. 9. File for bankruptcy. 10. Do nothing. "An understanding of property taxes is also important to avoid foreclosure," says Maljak. She says homeowners often overlook changes in tax laws. Recently, Public Act 123 of 1999 shortened the time period homeowners can pay delinquent taxes before the property is seized. Previously, it was five years -- now it's two. "If you are facing a delinquent tax situation with your property, you should know all the facts and how they apply to you before it's too late." Home Savers, Inc. is a Warren, Mich.-based agency specializing in providing counseling services to individuals facing home foreclosures. Home Savers is located at 30521 Schoenherr, Warren, Mich., 48088, 866-351-1272, fax: 586-582-1689, Web site: www.home-savers.com , email: maljak@home-savers.com . MAKE YOUR OPINION COUNT - Click Here tbutton.prnewswire.com SOURCE Home Savers, Inc. /CONTACT: Lois Maljak of Home Savers, Inc., +1-586-558-5392/ /Web site: home-savers.com / --------------------------------------------------------------------------------