Hampstead, Maryland (PressExposure) December 03, 2008 -- The Bailout is on the way to homeowners in need! Well, not really. This plan has been in the works for approximately 1 year now, and we're still (in my opinion) at least 3 to 5 months away from it becoming a reality. Before anyone in foreclosure sees a dime of that $700 billion dollars, there are still several major wrinkles that need to be ironed out by lawmakers. If you really think about it, it's a very big undertaking. Henry Paulson (United States Treasury Secretary) must build another arm of the government to actually disperse this money to those in need. And, he needs to do this in record time.
I read 3 financial newspapers daily and I scour the web for updates on the big Bailout plan, and I'm just fuming. In a recent article, Mr. Paulson stated that one of the biggest hurdles he is facing is the hiring of qualified people to work under this plan, who are willing to accept what the government will pay them. What? With an unemployment rate approaching 7%, he can't even find the right people for the job! To me, that's scary. This plan has been delayed at least twice and is STILL being revamped as of December 3, 2008 with no clear end in sight. That's why I think it's going to be at least 4 to 5 months until this Bailout get's under way.
Here's the honest to goodness truth; If your at least 60 days late on your mortgage, or if you are actually in the foreclosure process, or worse yet- if you have been issued a sale date of when your home will be sold at auction, YOU NEED TO WAKE UP NOW AND TAKE SOME ACTION!
You have 3 choices at this point: You can allow your home to lapse into Foreclosure and watch it get sold at auction. You can pay $2,000 to a foreclosure rescue company and pray they don't rip you off (Approximately 60% of the people that contact me for help tell me they have paid big money to these companies--and have never heard from them again. I'm sure some of these companies are ethical - but from what I hear, the sharks are in the water and they smell blood.). OR- YOU CAN HANDLE THIS YOURSELF!
You just need the correct information in front of you in the correct format- that's all. If you can read, you can do this yourself. Some people will have you believe that you're crazy if you don't pay them serious money for help - that's ridiculous. The people who own the foreclosure rescue companies are making an absolute killing off of the backs of people who are losing their homes. It's not uncommon for these people to make $100,000 per month. HANDLE THIS YOURSELF!
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