Obama’s Mortgage Modification Plan and the Truths about Foreclosure

President Obama has initiated certain policies with the hopes of assisting those homeowners who are struggling with their mortgage payments.  Most of these reforms and policies can effectively decrease your monthly mortgage payment, but truth be told, these debts are still owed.  Whether you pay them now or later, you will still owe what you owe.

Most of Obama’s policies are designed to lower immediate costs to underwater homeowners.  But just as the housing market is slumping, so it the economy, and with no turn around in sight,  these policies might just be delaying the inevitable.  You may be able to delay foreclosure, but debt, and the possibility of foreclosure down the road, will still loom overhead.

Though there might be a reform policy that suits you, a short sale of your property might be a better fit.  Conducting a short sale will immediately rid you of all mortgage payments and debt.  and you’ll sidestep foreclosure entirely.  If you choose to conduct a short sale over foreclosure, your credit will suffer much less damage, you will be eligible to buy a home sooner, and you won’t have to pay your mortgage during the short sale process.  If you’re having trouble paying the monthly mortgage on your Los Angeles home, contact HousingAssist.com today for more information about preventing foreclosure and the short sale process.

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Housing Assist Coldwellbanker