Foreclosure is impacting around 2,700 of families a day throughout the US. Very few people choose to go into foreclosure voluntarily. There are many reasons for foreclosure. Sometimes people get laid off of their jobs, get fired, or have to quit their jobs due to family or personal crisis. Some of these crisis’ can be due to severe medical conditions; accidents causing them to be worked impaired; or accidental or sudden death in the family. Excessive debt and mounting bill obligations can be another cause of people’s inability to keep up with their scheduled monthly payment, forcing the lender to begin foreclosure proceedings.
Divorce is another reason some people end up unable to pay their present mortgage. Americans for Divorce Reform estimates that “probably, 40% percent or possibly even 50% percent of marriages will end in divorce if current trends continue.” This is simply a projection, but pretty close to accurate. According to Jennifer Baker of the Forest Institute of Professional Psychology in Missouri, 50% percent of first marriages end in divorce; 67% percent of second marriages; and 74% percent of third marriages end in divorce. This can have a big impact on foreclosures in the future as well as the present.
Job transfers out of state are another reason foreclosures take place, especially in today’s plummeting housing market. Areas like Florida and California were greatly impacted due to inflated appraisals and high-risk loans. People end up facing foreclosure due to the fact they cannot carry two households when the house they had to leave behind does not sell.
If this is YOU, do not lose hope. Almost every state provides for some period of redemption. This means that the seller, which just might be you, has an irrevocable (not able to be changed, reversed or recovered; final) right during a certain period of time to cure the default, including paying all foreclosure costs; back interest; and missed principal payments. Simply stated, this means if you meet these criteria, you might be able to regain your property and stop the foreclosure proceedings.
Your lender wants you to keep your home. They want you to be redeemed! They want your home to be redeemed by you, not them. Ask your lender smart questions. Seek good council. Do your research. No matter how you got into this situation, you can find a way out.
We provide Borrowers nationwide with a service geared to make the loan process as stress-free and simple as possible. Our Lenders and brokers across the country are given accounts to access borrower information and make successful loans.
© 2012 Forest Institute
