The Obama administration is putting a lot of effort to help the country’s economic recovery. However, did you ever consider that we also have a responsibility to help with this gigantic effort of recovery and not leave it to the govenment? How can we do our share?
As I go to different neighborhoods and talk to people, I often hear homeowners tell me that their neighbor left and abandoned their home. Most of the time, they did not even make the effort to talk to their distressed neighbor. Could it be that they are embarrased to talk about such matters or have we develped an attitude of ”it is none of my business”. Since property values in the neighborhood decline by at least 9% when a house goes into foreclosure, we should all make an effort to help prevent foreclosure. Additonally, the lender spend more money on a foreclosure sale against a short sale so that means less money is available to lend to borrowers.
Many homeowners in financial distress end up in foreclosure because they did not know what to do or where to go for help and some just simply go through a period of denial and by the time they take action, it is too late to help them. The best way to avoid foreclosure is to educate themselves so they are aware of all their options. While there are many agencies to go to, there are also many scammers out there who prey on desperate homeowners. If we can all go out of our way to help one family at a time by encouraging them to get the right help, then we would have done our share in preventing foreclosure.
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