(EMAILWIRE.COM, September 15, 2008 ) Blaine, Washington | September 15, 2008 – The way Americans have taken on mortgage debt has changed significantly in the past two decades. The 1980s saw second mortgages account for less than 4% of outstanding home mortgage debt. By the mid-1990s second mortgages had increased to 12% of home mortgage debt. The 2000s have shown yet another double-digit increase, and the number is only growing. The primary reason for this increase is the ease in which homeowners can now access the equity in their homes. As a result second mortgage debt has grown faster than all other forms of consumer debt except credit card debt.
Homeowners who tap into their home equity may see themselves as clever by tapping into the riches represented by the equity in their homes. Lenders run television ads congratulating borrowers for their astuteness. Bankruptcy files are curiously devoid of borrowers who used this strategy with any success. Bankruptcy files are however filed with homeowners who took the risk and mismanaged their windfall.

By paying off debts with second mortgages, debtors might transfer otherwise dischargeable debts such as medical and credit card bills into debts they now have to pay at the risk of losing the family home to foreclosure.

The allure of easy money to be obtained by tapping into a home's equity, coupled with poor money management is a leading cause in the rise of bankruptcy filings. Homeowners across the country are finding themselves unable to meet their financial obligations, placing themselves in a position where they are unable to prevent foreclosure on their homes. With no immediate answer on the horizon, this financial crisis will have far-reaching, negative effects for years to come.

SaveMeFromForeClosures.com is a leading source for solid information on how to avoid foreclosure and keep or sell your home. We specialize in helping people through this difficult time. We also offer information for individuals and businesses who desire to help homeowners facing foreclosure by offering help to stop foreclosure on a local level. Call 1-888-472-8380.

Contact:
www.SaveMeFromForeclosure.com
1-888-472-8380

Contact Information:
SaveMeFromForeclosure.com
Justin Lee
Tel: 1-888-472-8380
Email us


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