On Tuesday, July 15, 2008, General Motors announced their plans to cut 20% of its 40,000 salaried workers jobs in North America, suspend common stock dividends, cut retiree medical benefits, plus close or sell 5 US manufacturing plants.

With the automobile sales being dominated by more fuel efficient vehicles, most of them by foreign auto makers, the US market will have a tough time keeping up. General Motors has a huge overstock of gas-guzzling vehicles, such as the Hummer.

What this means for the Foreclosure crisis

In about 2-3 months from now, many of those 40,000 salaried workers will face tough decisions on their mortgage payments. Some may file for bankruptcy. Others will find new jobs. Many, if not most, will be searching for ways to Prevent Foreclosure.

This is where you can help. Our consultants reach out to home owners, interview them to see if they are in a
position to be helped, then get them into our system. From there the Loss Mitigation Division of Freedom Foreclosure Prevention Services starts negotiations with the lenders.

To learn how you can get started, visit PreventForeclosure.net

Jim Hutchinson

Source: Reuters