Air Date: May 16, 2011
Host: Jim Schneider
Guest: Jim Braun
Jim Braun is a representative with American Foreclosure Solutions.
It’s very frustrating for individuals that have faithfully paid their mortgage payments for many years and built equity in their homes, only to find that this equity has been wiped out and now they are “upside-down” as they owe more on their home than the home is worth.
What caused this debacle? Mortgage lenders and brokers made it easy for home buyers to finance their purchase via negative amortization loans and small payment/interest-only loans; two examples that caused some people to get into much more expensive homes than they really could afford.
According to Braun, the media has portrayed things as getting better but the picture is pretty grim. He notes that the second wave of foreclosures/ defaults has started and this means we’ll see a lot of prime loan mortgage holders going into default.
What has President Obama been doing about the problem? What other options are available for struggling mortgage holders? Find out when you review this edition of Crosstalk.
For assistance with loan modifications, short sales and other help for
homeowners, contact American Foreclosure Solutions at:
888-535-9050 (In Wisconsin)
888-988-8027-Option 3 (Outside Wisconsin)
Other foreclosure option help:
Freddie Mac customer service:
Fannie Mae customer service: