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For me, the housing market implosion became personal. If youre reading this article its likely that the crisis has become that way for you, too.
Never in history has so much wealth evaporated so rapidly. It became a global problem, too, as mortgage-backed securities and derivatives are traded on exchanges around the world.
Approximately 15 million Americans purchased homes at the height of the housing bubble (from 2004-2006). Today they find themselves at Ground Zero in the housing crisis. Some experts say more than 8 million homes (16%) will go into foreclosure before 2012.
Over 600,000 loans were modified in 2008. That number is expected to quadruple in 2009. The burning question on the minds of homeowners today should be, How much and how rapidly can I modify my home loan?
In 2005 I purchased a long neglected home with big dreams of rehabbing it for my own. It seemed like a sweet real estate deal and it was until the U.S. housing market collapsed. Unfortunately, by that time I had already sunk $90,000 into improvements, so I resigned myself to riding out the housing downturn. At least the home turned out lovely and my wife of 34 years was pleased.
When my income declined too much, it became clear I couldnt meet my obligations. I racked my brain for a solution: Where could I cut back? What is the absolute minimum I could pay? Do I have any stocks or investments to sell?
I Wanna talk about ME!
I have always been conservative. I take pride in working hard and dreaming big. Like most Americans, I dont expect handouts. Im proud of my ability to care for myself and raise a happy family with solid moral values and work ethic.
You get the pictureIm probably a lot like you! Salt of the earth! But I began to feel that the economy had fundamentally changed, especially the housing market, and normal homeowners were being left behind to carry the burden.
New tales of corporate excesses are revealed daily. We learned of VIP loans for Senators and platinum parachutes for executives at Countrywide; Detroits big three automakers flew into Washington on private jets to pick up their government handout; Wall Street theif Bernard Madoff admitted to cheating clients out of a cool $50Billion; and on and on! It looked like a collapsed house of cards.
Remember Blazing Saddles? It contains a scene in which Gene Wilders character describes good, traditional citizens. He says, They have unchanging values, the salt of the earth people you know morons! Thats how I felt. Thats how I still feelmoronically passive while getting robbed!
My first loan modification was absolutely torturous. I actually failed three times on it before I finally cracked the code! I read through hundreds of pages of information published by non-profits, spent hours on hold with the bank, and attended one of the first Loan Modification live events designed to assist homeowners in distress. Instead of the anticipated turnout of 200, some 2,000 people showed up. Many of them waited over 5-hours just to talk with a bank representative. It was impossible not to see the similarities to the long lines of desperate Americans in line for soup and bread during the Great Depression.
Well, it certainly shook my psyche a bit. But sometimes reality bites!
The mod that came out of that meeting saved me $686 per month and almost $194,000 over the life of the loan.! Do I have your attention now?
Needless to say, it got my attention! How often do we get the opportunity to reduce monthly expenses by $686? Most people have to get a 2nd job to earn that much and thats taxable income! And, here is the financial benefit to me:
I had gone from inept bumbler to laser-focused loan mod mercenary. I was fast, fearless and dead serious about getting the best loan modification! Now, my experiences can help you.
Learn more about the opportunity to modify your mortgage with a free CD called 60 Minute loan Modification Secrets. Get it at my site http://www.60MinuteLoanModification.com.
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