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As foreclosures may increase, some may consider a debt management plan to help with other bills
01/25/2010
Some consumers may consider looking at a debt management plan when trying to deal with financial problems, specifically those related to credit card debt.
However, other loans may also plague people, including those associated with their homes. Recently, Florida-based law firm American Residential Law Group noted that it expects foreclosures could hit 3 million this year.
This comes after a report from RealtyTrac that showed that 2.8 million properties received some form of foreclosure notice during 2009. In all, more than 3.95 million foreclosures filings, which include default notices, auctions and bank repossessions.
Joel Jacobi, founder of ARLG, said he expects a second loan modification program to come from the government. Currently, homeowners may be able to find help through the Home Affordable Modification Program, which is an attempt by the government to prevent between 3 million to 4 million foreclosures by 2012.
"Mortgage modifications are set up to help homeowners that are facing foreclosure," Jacobi said. "Foreclosure is very costly to both the bank and the homeowner. No one wins."
Though it may not help with their home loan, some consumers may consider a debt management plan, which can help them deal with their credit card debt. By doing so, they may find it easier to tackle their mortgage dilemma.
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