Help for Homeowners Facing Foreclosure

November 20, 2008

Everyone seems to agree that flooding the market with empty, foreclosed homes does not help neighborhoods maintain stability – either as a way of living, or regarding the value of homes. Empty homes do nothing for a neighborhood.

Recently some organizations are taking tentative steps to allow homeowners who are defaulting on their mortgage to remain in their homes –at least for the time being.

Fannie and Freddie Mac have announced that they are freezing foreclosure sales until after the new year while they review strategies and the future of their organizations. J.P. Morgan Chase & Co. and Citigroup Inc. recently announced foreclosure-prevention programs that aim to reduce interest rates, extend repayment schedules and, in the case of Citigroup, reduce loan amounts, to help borrowers keep their homes. But the programs have focused primarily on loans wholly owned by those companies because they feel they have more authority to rework those mortgages.

HSBC is also making more options available to more people. For example, it is contacting customers before their adjustable-rate loans reset to higher rates and freezing the current rate or allowing the borrower to pay a rate below what the new rate would be. The bank also is lowering fixed rates for selected borrowers. All this in an effort to stave of foreclosures.

One way of stabilizing markets where supply exceeds demand is to regulate supply. That way the people who can buy homes can buy from sellers who can’t afford to stay in their current home. But, amazingly enough, new home construction is still going on – even in saturated markets. Merrill Lynch economist David Rosenberg suggests, only half-jokingly, that the Treasury should impose a moratorium on home building. "It sounds like lunacy, but we have to destroy the housing capital stock to help put a floor under the market," he said.

This is an inactive RePage. If you are james angotti and wish to reactivate this page, please visit www.RePagesOnline.com for instructions.

Local Information for cordova, TN

Latitude: 35.089023 -- Longitude: -89.793997

ZIP Codes for Germantown, Tennessee	38138 38139 38183
Area Code for Germantown, Tennessee	901
Time zone for Germantown, Tennessee	CST

Other Area Cities: Germantown, TN Bartlett, TN Collierville, TN Olive Branch, MS Memphis, TN

Enter our Photo Sweepstakes and Win $200 for your Germantown photos!

To see random photos for other cities Click Here.

Submit your photos of Germantown and become eligible to win $200. Click Here for details.

Germantown is a city in Shelby County, Tennessee, United States. Germantown is best known as a suburb of Memphis, Tennessee. The city also is home to some of the highest real estate prices in the area. Bordering Memphis to the east, Germantown is a quiet town of streets lined with mature hardwood trees, and often stately homes. There is practically no industry in Germantown, but the city is home to significant retail. In the city center is the Old Town Germantown neighborhood, anchored by a depot and railroad tracks that recall the community's earliest days of development as an outpost along the Memphis and Charleston Railroad. Annual events in Germantown include the Germantown Festival, and the Germantown Charity Horse Show which lures equestrians from all over the country.The median income for a household in the city was $94,609, and the median income for a family was $103,726. Males had a median income of $77,857 versus $38,311 for females. -- Source: Wikipedia.com

Tennessee 2000 Census Population Profile Map

	Germantown	Tennessee	United States
Population	37,348	5,689,283	281,421,906
Median age	41.3	35.9	35.3
Median age for Male	41	34.5	34
Median age for Female	41.5	37.2	36.5
Households	13,220	2,232,905	105,480,101
Household population	37,314	5,541,337	273,643,273
Average household size	2.82	2.48	2.59
Families	11,064	1,547,835	71,787,347
Average family size	3.14	2.99	3.14
Housing units	13,676	2,439,443	115,904,641
Occupied units	13,220	2,232,905	105,480,101
Vacant units	456	206,538	10,424,540

Visit US Census