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Over the last two years, America has seen unprecedented foreclosure rates (3.2 million filings in 2008), and most financial experts expect that the number could increase dramatically as another wave of homeowners sees their mortgages re-set over the next twelve months. Those are startling figures by any measure, and most existing rescue efforts are targeted at the consumers who comprise a significant portion of this unfortunate group, specifically, those homeowners who could afford a workout plan predicated on a modest reduction in the monthly payment. This approach is certainly appropriate, but it overlooks a portion of the population that we should also consider carefully: the number of consumers who are barely able to afford their current mortgage payments and who are not fully participating in the American economy.

Such individuals make their mortgage payment every month, or in most months, but they also miss payments on other obligations with some frequency. They can afford very little beyond their home, but, if given the opportunity for mortgage relief, they would help revive our sagging economy as traditional consumers do, by participating more fully within the system. How many homeowners fit this description isn’t known precisely, but in Cambridge’s counseling experience, the number is likely significant. Without such assistance, this group of homeowners stands at the brink of foreclosure, a minor medical emergency or home repair bill away from going over the edge. Cambridge feels that these individuals must also be considered in any conversation about solving the foreclosure problem.