Facing Foreclosure

Housing Crisis Likely to Drag Down Credit Scores E-mail
Facing Foreclosure
Written by Gail Marks Jarvis   

For countless Americans struggling to make their mortgage payments, the problems have just begun.

Although a loan modification or foreclosure might allow them to put their housing problems behind them, millions will be dogged for years by the aftermath — a credit score so tarnished by the housing debacle that lenders will want to avoid them. And if they are able to obtain loans, high interest rates are likely to strain their budgets.

Foreclosure looming? Here's how to avoid it E-mail
Facing Foreclosure
Written by Greg Dawson, Orlando Sentinel   

Road sign saying 'Foreclosure: Next Exit.'The foreclosure clock is ticking for Patricia Jennings. She has missed three months of mortgage payments on her Pontiac, Mich., home. She owes $1,800, but she has been out of work since November.

So she put up a For Sale By Owner sign on her home. And recently, Jennings tried to get more answers on the foreclosure process during a seminar run by the Detroit branch of the Federal Reserve Bank of Chicago and others.


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