HOME LOAN MORTGAGES: Hope For The Best,Prepare For The.....

There seem to be no end in sight for the plight of homeowner, fearful of the loss of employment, weakened by the diminished value of their home, and now threatened by the possible loss of that home.

For the less optimistic among us, America will witness an unmanageble magnifiction in the amount of unemployed and homeless families as the seemingly out of control monstrocity, known as the economic crisis, continues its devastating shuffle across the nation. For the optimistic, the hope is that the monster will be caged, or at least harnessed, before more destruction ensues.

The realists tells us that there will be more pain before it is all over - they indicate that it should be at least another 12 months before there is any indication of a slowing of this monster's march of destruction.

According to Marcy Gordon, and Associated Press Business Writer in a report released this past week, "The nations banks lost $26.2 billion (with a"B") my emphasis. At the same time, according to Marcy Gordon," Regulators said there were 252 banks were in trouble at the end of 2008...", an increasee of 81 banks from the quarter immediately before. What is the cause of these troubles? They tell us its the housing and credit crises.

Christopher S. Rugaber, an Economics Writer for the Associated Press informed us this week that new home sales fell 10.2 percent in January, to a seasonally adjusted rate of 309,000; the worst, he reported, since 1963.

In the same report Mr Rugaber noted that "New jobless claims rose more than expected last week, and the number of Americans continuing to recieve unemployment benefits has topped 5.1 million...". "Fresh evidence" he said, "the recession is increasingly forcing employers to shed jobs."

How confident can homeowners be in the face of all this nauseous and unpalletable news reports? What should they do about the possible loss of employment, the actual loss of home value and even the (possible) loss of a home ? What are the homeowners options - We will look for answers in the next post.