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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: John Madarasz who wrote (240061)	5/11/2003 1:36:58 PM
From: Les H	Read Replies (3) \| Respond to of 436258

refi instead of foreclosure Message 18933230 But now, with home prices continuing to rise, many borrowers are able to stave off foreclosures by pulling out equity or by working out delayed payments with lenders. In the first quarter of this year, only 20% of homeowners who received notices of default — the first stage in the foreclosure process — were forced into a bank sale. Financial advisors and credit counselors know firsthand that equity has been a savior for many distressed Southern Californians. About twice a week, clients of the Los Angeles office of Consumer Credit Counseling send in large checks to repay their debt outstanding, said Richard Pittman, director of counseling and housing. "People on average send us checks for $350 to $400 a month and suddenly we get a check for $30,000," Pittman said. "Every time interest rates go down we get another batch of payments like that."