Unfortunately I Do Know Some Sad Stories Of People Who Have Lost Their Homes

For example in my local area there was a neighbor of mine who lived with her older father in a beautiful older home.

They lost their home because of not being able to pay their property taxes.

Now in my area there are two tax bills that owners get during the year. If these tax bills are not paid during the year then one has one additional year to pay them (including any additional fees and/or fines). If they are not paid then the property gets sold!

In this case their home was sold and they moved to somewhere where they are renting now.

I had known her (I won't print her name here) for awhile and never once did she mention that they were having problems with their tax bills. She did mention that there were problems but she didn't say what they were specifically.

The next thing I know I find out from another neighbor that they had moved because their house had been sold. There was a notice that was put on their door notifying everyone of the property's being sold.

A very sad story indeed!

President Bush Signs New "Foreclosure" Laws

I had a chance to read the article (and some of the comments that were included) and needless to say it all seems so complicated! It also seems to benefit the mortgagor and not the mortgagee. There are also a lot of conditions and limitations to these laws most notably that only adjustable rate mortgages (and not fixed 30 year mortgages) apply to these laws.

I do have another blog called Grant Basics 101 and another website called Grant Related Information - so hopefully you will be able to find some information on one of these sites that could help you in case your are in foreclosure "trouble". You might also want to check with your local social services agency to see if there are any financial programs that you can qualify for to help you save your home.

I wonder what happen to that proposed 90 day moratorium on foreclosures. I guess it never saw the light of day!

President Bush Signs Foreclosure Law