The Housing Crisis
As the trouble continues to follow the housing market, a look at the limited options troubled borrowers have as they battle to hold on to their homes.
Reporter Jon Tkach attended a mortagage seminar in Southern California. Homeowners there were counseled on what they need to do to keep their homes after they have encountered hard times. There is an emphasis on avoiding scammers, and, most importantly, talking with the lenders themselves.
Some of the borrowers detail their situations, including one person that fell ill, and others that were approved for a loan even as the borrowers themselves were unsure of their qualification. The outcomes are of varying degrees of misfortune, from a marked increase in a mortagage payment amount to the loss of the property altogether.
"The Tavis Smiley Show" is a weekly show offering a unique blend of news and newsmakers in expanded conversations, along with feature reports and regular commentators. "The Tavis Smiley Show" is produced by Tavis Smiley productions, and distributed nationwide by PRI. This piece is a part of the "Tavis Smiley Show’s" series "My America 2008" which profiles the challenges and triumphs of everyday Americans and how their lives will be affected by the plans and policies of the Presidential candidates.
PRI's coverage of economic security is supported by the Rockefeller Foundation and its Campaign for American Workders.