On the menu of choices facing borrowers like O'Meally, none is very pleasant. But give her credit for trying to find a solution. Like many of life's problems, this one won't go away on its own.
Daniel McGinn is a national correspondent at NEWSWEEK and the author of "House Lust: America's Obsession With Our Homes," to be published by Doubleday this winter. To preorder it, click here .
© 2007
The collapse of the housing market is this year's big business story, but it's a crisis driven by more than simple economics. Like the dot-com boom before it, our soaring home values were fueled partly by psychology, as so many of us dreamed of trading up, building from scratch or renovating—and as so many dinner parties devolved into real estate gossip. In "HOUSE LUST: America's Obsession with our Homes," NEWSWEEK's Resident Expert Daniel McGinn explores why so many Americans became so enamored with homes—and why many remain so even after the boom has faded. To find out more about HOUSE LUST, click here.
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Member Comments
Posted By: loanmod @ 03/30/2008 3:47:29 PM
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Posted By: bmichelson @ 02/14/2008 3:11:14 AM
Comment: I hear this question all the time regarding foreclosures and providing assistance. what's the difference between using a HUD counselor and independent company such as these "Stop foreclosures" firms" ?
Bottom line , FHA is government sponsored and a great place to start. See their web site. It's companies like borrowerhotline.com that employ professional secondary mortgage market underwriters and compliance officers who are trained to spot technical errors in underwriting policy and procedures. All reports are sent to counsel and the Department of Housing and Urban Development. Negotiating a workout from a position of economic hardship is something most folks can and should do on there own! But to argue fro a position of being damaged under HUD definitions for predatory lending is something that requires a specialist. Maher Soliman, Managing Director borrowerhotline.com / / Newsweek "our best source" for information to keep us up to date with Washington and the nations foreclosure epidemic
Posted By: bmichelson @ 02/14/2008 3:08:40 AM
Comment: I hear this question all the time regarding foreclosures and providing assistance. "Whats the difference between using a HUD counselor and independent company such as these "Stop foreclosures" firms" ? Bottom line , FHA is gvoernement sponspred and a great place to start. See thier web site. It's companies like borrowerhotline.com that employ professional secondary mortgage market underwriters and complaince officers who are trained to spot technical errors in underwriting policy and procedures. All reports are sent to counsel and the Department of Housing and Urban Development. Negotiating a workout from a position of economic hardhip is somthing most folks can and should do on there own! But to argue fro a position of being damaged under HUD defeinition for predatory lending is somthing that requires a specialist. Maher Soliman, Managing Director borrowerhotline.com / / Newsweek "our best source" for information to keep us up to date with Washington and the nations foreclosure epedemic.