Foreclosure and Short Sales News

General Motors decided to temporarily shut down 13 assembly plants for up to 11 weeks this summer. It will disrupt more lives than the nearly 24,000 employees, rippling out to part suppliers, local businesses and state economies.

The announcement comes as GM races the government’s June 1 deadline to squeeze deeper concessions from bond holders and the United Auto Workers union.

The Detroit auto maker had little choice, surviving on $13.4 billion in federal loans. GM must slash costs and align production levels with the shrunken demand if it wants to survive much longer.

The decision is expected to lead to thousands more layoffs and temporary factory closures as GM works out its schedules for transmission, engine and parts stamping factories.

Read Whole Story at Associated Press

This can lead to yet another big jump in the foreclosure crisis. Many of the General Motors workers will end up looking for ways to prevent foreclosure. If they can hold on until the GM production resumes, they will be able to get back on track.

Fore those who are not able to get back on track and save their mortgages, we can help. Visit Short Sale Holdings to learn how we prevent foreclosure.