| Foreclosure statistics and some ways to prevent foreclosures
During the first quarter of 2006, the United States Market Report showed that 323,102 properties were at risk of foreclosure. This was a 38% increase from the previous quarter and 200% higher than its rate in the 1980s.
The decision of whether to buy a home or not has been a big thing nowadays as more people believe that the financial problems it could cause is not worth it. The truth is, in general, people will pay more if they decide to buy a house through a mortgage because the interest rates accrue every year. Renting is becoming the popular choice as maintenance costs of owning a house is also going up. If you are single or have no kids, renting is probably the best option but the benefits of having your own home are something you need not for yourself but for your kids and your family. The stability that a home represents is something that cannot be exchanged. Living in a caring and loving neighborhood is something not every family has the capability to have. Having your own home makes a family feel grounded and secure.
For homeowners, losing their homes due to huge amounts of debts is really devastating. With more and more people losing their homes due to their failure to repay their monthly mortgage. Most people think that the best solution to loans is debt consolidation through a home equity. With the 44% of Americans who are in debt, it is no wonder that the number of home loans and foreclosures are rising daily. If you have been missing monthly repayments of your mortgage, our suggestion is to get professional advice so you understand the many consequences of foreclosures and to explore the different options available to you to secure you homes and your finances. Credit counselors believe that you can prevent foreclosure of your home through a number of ways:
Ø Act immediately. Not because you haven’t missed a month of repayments doesn’t mean that you no longer need professional advice. In fact, it is most desirable to act before anything of significance happens. A good foresight is something that’s really important if you want to maintain the ownership to your home.
Ø Get legal assistance. Before anything of importance can happen, it is necessary that you understand the implication of foreclosures based in your particular situation. This way, you will be able to make an educated decision concerning your property. Some people might want to sell their properties so as to minimize their losses. If you are in danger of losing your home, this might seem like a good idea, but still, you will need a thorough understanding of the terms and conditions of your loan.
Ø Always maintain contact with your lenders. Not doing so may lead lenders into thinking that you do not intend to repay your loan, especially when you’ve already missed several months.
Always remember that you are not the only one experiencing this kind of problem. DyerBeech is here to assist you in any way possible to help you maintain ownership of your home. |
