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.
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