On Thursday, US Treasury Secretary Timothy Geithner will meet with President Barack Obama’s economic team to discuss the government’s efforts to help prevent more foreclosures. The country has suffered many foreclosure cases as the economic crisis worsened until the end of the year.

Mortgage modifications are created to save homeownership, but sometimes, it has “buyer bewares”.

More and more homeowners are becoming victim to the foreclosure crisis. About 10 percent of homeowners fall behind on mortgage and are on the verge of losing their home. They need every help available especially from the government.

On today’s “Meet the Press” in NBC, House Financial Services Committee Chairman Barney Frank said that newly elected US President Barack Obama will reallocate some funds to Foreclosure Relief. This is part of the Obama administration’s plan to give aid to the current economic crisis in the country.

There is no time to waste as the economic recession keeps on bringing the number of foreclosures and the unemployment rate into high numbers.

In South Florida, squatting in foreclosed homes is becoming a trend for the homeless. The homeless were left with a choice between street-dwelling and squatting. Who would not rather live under a roof, even if it is not yours?

As the economic recession in 2008 occurred and foreclosure brought median home prices down by 11.6 percent to $192,119, the housing market was busted by $3.3 trillion, take note trillion, of home value. That is almost triple of 2007’s $1.3 trillion loss.

The administration of President Barack Obama is planning the biggest attempt yet in battling foreclosures as a component of a three-extended strike on the financial crisis which also intends at restarting business as well as servicing regulation and consumer lending.