Homeowner in Philidelphia Suburb Faces Eviction

Christopher Hall, a homeowner of many years, faces foreclosure on his home  where his grandfather and mother lived.  It was the home Mr. Hall grew up in and the home in which he raised three children as well.  In August 2008, Mr. Hall was laid off from his roofing job along with forty other employees, as the contractor went bankrupt.  Mr. Hall has not been able to make a mortgage payment for over a year, and now his lender, Bank of America is threatening to auction off his house.

However, thanks to a new litigation passed recently in Philadelphia, homeowner occupied houses may not be foreclosed on before a meeting between the lenders and the homeowners to try and reconcile the payments.  Furthermore, homeowners are given counseling and sometimes even representation.  The deals struck are usually refinancing plans in which the homeowner lowers his monthly payments.  In the event that a refinance plan cannot be made, the owner is given cash for signing over the deed or vacating the property.

The United States has been struck by a housing crises.  Many times merchants are concerned with the cost of a business cash advance, and compare the rates to a bank loan.  In reality, this is an unrealistic comparison, as business cash advance financing is a completely unsecured loan.  It does not affect credit score whatsoever.  Furthermore, merchants who choose business cash advance financing do not have to worry about incurring bad debt on the advance unlike so many Americans now who are behind with traditional bank loans and mortgages.  The advance is only paid back as fast as the merchant processes Visa and MasterCard.

To see the original New York Times article click here!