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Federal Government Foreclosure Plan - Explained

In essence the plan is to help struggling homeowners in the event that they risk loosing their home due to not being able to meet their monthly loan repayments.

Many current home owners especially those who currently have a bad credit rating and are paying higher than average contributions every month are increasingly defaulting on their loans and having their homes repossessed. The federal plan is expected to help this situation by offering prevention and protection where necessary. An important aspect of this plan is also to increase its level of accessibility so that those who are at risk know their real options and can seek help in time before their home is taken away from them.

There are 3 primary mortgage relief packages that are opened to qualified distressed homeowners which include options like refinancing an existing loan with the Federal Housing Administration loan, 5 years freeze on current interest rates or even a 1-2 year aid program to help finance the monthly contributions.

The program is targeted at low to medium income families in particular but those who think they might have problems with their loans are encouraged to call 1-888-995-HOPE for help and counseling before their problem get too far out of control.

 

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Consumer News

Loan Scams - There are scams in the loans world than you may think. Some fraudulent lenders will simply get you to apply to phish your personal information
Read on: here

Foreclosure Prevention - Huge uphieval in the credit markets have made potential integrity issues with the US Economy. The government has implemented the "Federal Foreclosure Prevention Plan" as a counter measure
Read on: here   

Highlights

Here is an explanation of the credit crunch that we all know so well about from Financial Times:
- Painful Lessons in the meaning of C"redit Crunch"

An explanation about how the credit crunch in the US could affect the Eurozone by Businessweek:
- Will the Credit Crunch Destroy The Eurozone

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