Posts Tagged 'Homeowners'

Utility Bills Create Debt for Struggling Homeowners

Homeowners struggling to prevent foreclosure often have to make difficult and almost impossible financial decisions at times. When unemployment strikes and benefits are just a fraction of the working income, bill juggling is common.

When it is necessary to cut back on expenses some bills can be eliminated or reduced. But there are also expenses that are necessary in order to live a decent life. They include the mortgage payment, food expenses, and utilities charges. Middle and low income families are forced to decide which bills will be paid on a reduced income. In many cases, the bills are rotated with a bill being paid every other month.

Unfortunately there are many situations coming to light where bills are not paid at all, and they include utilities bills. When faced with a choice of paying the mortgage payment and buying food or paying utility bills, the utility bills are moved to the bottom of the pile.

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Jan 10, 2010 No Comments by Admin

US Treasury Department Pushes Banks To Help Homeowners

The US Treasury Department just might look like a knight on a white horse to some homeowners facing foreclosure and unable to get cooperation from their mortgage company.

Despite a federally backed loan program meant to create permanent loan modifications, banks have been slow to work with consumers. That may change as the US government threatens fines to be assessed against banks unless they speed up their mortgage modification programs meant to keep homeowners in their houses.

The loan modification programs are meant to permanently lower mortgage payments so they are more affordable for homeowners trapped by a struggling economy. It is estimated that 375,000 homeowners are eligible for the government program by the end of the year. Given the rate of foreclosures this does not seem like many people overall.

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Dec 27, 2009 No Comments by Admin