As the US economy is on the brink of recession, foreclosures are soaring at record highs and home-owners could prevent foreclosure by restructuring their debt now before a financial crisis happens. As soon as a homeowner slips up on a mortgage payment, their credit scores plummet and will limit their ability to refinance. “If anyone is worried about their financial security they should take action now, home-owners will skip a month of payments and might be able to consolidate higher interest rate credit cards which could save them several thousands of dollars over a twelve month period,” says Brian Saviano a mortgage consultant with Elite Financial Investments in Oak Brook, IL.
Too many times Americans wait until it is too late to do anything about their finances. Banks are tightening up on their restrictions and things programs that existed twelve months ago no longer exist today. With the recent surge in foreclosures, housing prices are starting to deteriorate and in many areas housing prices have fallen as much as 15%. As housing values drop, loans become riskier to lenders and may limit ones ability to refinance. Saviano urges home owners to take action now to prevent foreclosure from happening to them.
The Federal Reserve has made it clear that the surge in foreclosures has become an issue. The problem is once people are delinquent on there mortgage banks don’t want to work with them. The trick is to take action before you have an issue. Saviano says, “home-owners need to be proactive and urges homeowners to talk to a licensed mortgage broker to view all available options.
Brian is offering a FREE Report on “How to avoid foreclosure and pay off your debt” by emailing freereport@briansaviano.com and has set aside the month of March to help families facing foreclosure issues to review their options and prevent foreclosure from happening to them. Brian can be reached by dialing 224-392-9000. Brian is a local mortgage expert with Elite Finanicial Investments and a licensed mortgage broker.
