It’s a familiar story on the evening news: the housing market is bad, and more and more Americans are struggling to pay their mortgage, or can’t pay their mortgage at all. I know that when you’re an economist it’s important to think about the housing market, but when I hear stories like that I think about families that are in trouble.If you or someone you know is having problems keeping up with the mortgage, it’s important to know that the Department of Housing and Urban Development sponsors housing counseling agencies that can advise you on buying a home, renting a home, defaults, foreclosures, and credit issues. The Department of Agriculture also has rural development offices in each state that can help people who live in rural areas.
There are a number of things you can do to avoid foreclosure when you’re having financial trouble. If you see trouble down the road, don’t hesitate and seek out assistance now.
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