Former Illinois Attorney General Lisa Madigan perhaps said it best, “If homeownership is the American dream, then foreclosure is certainly the American nightmare. It destroys more than credit. It destroys lives.”
Nationwide, many people are struggling to make their mortgage payments.
The past couple of years has dealt consumers some devastating blows. First, it was the loss of jobs due to COVID-19 temporarily or permanently closing businesses. The federal government tried to ease that pain with huge relief programs that have fueled a huge spike in inflation. Supply chain problems, coupled with recent world events have already raised the prices of gas and energy, as well as that of food, lumber, and other consumable goods.
Desperate to maintain their credit rating and hold onto their homes, harried consumers have frantically looked for solutions. One possibility struggling homeowners have turned to is mortgage refinancing. At one point last year,…