The poll question was What would you do if in foreclosure?
50% of respondents said they would chain themselves to the home and call the police
50% of respondents said they would get a job or do whatever else it takes to keep the home.
Both answers make it clear that people DO NOT want to walk away from their homes and let them foreclose.
These are troubling economic times and many people are upside down on their homes and facing ARM resets. People in this situation need to immediatly contact their lenders and ask about a loan modification. This will allow the lender to review their financial situation and possibly reduce the interest rate or principle balance in order to lower the total monthly payment for the homeowner.
This is a solid tool that all homeowners in trouble should be pursuing right now with their lenders.
We look forward to interviewing one of our readers weekly about your poll selections so please don't forget to leave a comment when you vote on the weekly poll.
Sunday, November 9, 2008
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