This Article is About
negative connotations
major illness
dirty word
financial obligations
viable option
foreclosure
paperwork
To Lose Or Keep Your Property
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To Lose Or Keep Your Property

For a lot of individuals, foreclosure is a dirty word that has negative connotations. But there are times when a foreclosure is the only option for certain situations. I don't think anyone buys a home with the intention of ending up in foreclosure but life is unpredictable and unexpected things can happen.

Causes which can lead to foreclosure of one's property are:loss of job, loss of income, major illness, and financial hardship.

Alternatives to avoid foreclosure: affordable homes program, short sale, contact your elected representative-ask them if they can intervene on your behalf, call or vist your local city hall to find out what options might available to you, contact organizations that deal directly with lenders on your behalf such as NACA, or better yet when they visit your city go and speak to a representative. Try to get there early.

An alternative to a foreclosure is a short sale. In a short sal,e the bank or mortgage lender agrees to sell the property for less than it's worth. You the homeowner will experience a loss depending on the finalized price as will the bank. In my opinion, to do a short sale is better than a foreclosure because then the property will not be your repsonsibility, along with property taxes, maintenance fees, etc.. although your credit will be affected to some degree. A short sale allows a homeowner to walk away from the financial obligations. A short sale might be a viable option for a homeowner.

If you are facing the possibility of a foreclosure or your mortgage lender is the threatening to place liens on your property, I know it's tough but it's not the end of the world. Maybe a foreclosure will afford you the ability to close a chapter in your life and start afresh.

Usually, it takes up to 18 months or property to be foreclosed and nowadays banks, especially major banks have been unwilling to work with homeowners to find alternatives to foreclosure. Banks give homeowners the run around, they play phone tags and consistently lose paperwork and information.and you get dizzy speaking to many representatives.

To lose or keep your property is entirely up to you. depending on your own unique situation. If you choose the process of avoiding foreclosure can be a nightmare but it can be done. You need to have lots of patience, unerstanding and hope that the lenders will work with you. Each individual have to weigh the pros and cons then decide what is best for them.


Street Talk

AJ  

Informative, thanks Barbara.

Reply
  about 5 years ago
  

thanks, AJ

Reply
  about 5 years ago

It's nice for people to realize they have some options when faced with such a difficult financial decision such as a foreclosure. A short sale or loan modification are options that more people need to consider. nice article Barbara!

Reply
  about 5 years ago
  

thank you, Jay I agree folks have to realize that there are options that they can persue instead of losing their home to a foreclosure.

Reply
  about 5 years ago

A life changing topic for sure. Good article Barbara.

Reply
  about 5 years ago
  

thanks Shawn

Reply
  about 5 years ago

Good article Barbara, thanks for the info

Reply
  about 5 years ago
  

Hi Maria, I'm glad you like my article

Reply
  about 5 years ago

Barbara, did you, or do you, work in the housing industry? Just curious because of your writing. Thanks for the article?

Reply
  about 5 years ago
  

Hi Penny, I did a short sale on my house two years ago and avoided a foreclosure. thanks for reading my article.

Reply
  about 5 years ago

Barbara, I meant to write, "Thanks for the article."

Reply
  about 5 years ago

Some good information here Barbara. It must be very stressful having to go through such an ordeal, I'm sure your article will be of help to someone in such circumstances.

Reply
  about 5 years ago

Dear Barbara9, A great article, but the thought of loosing my home and starting over, is one experience I could do without.

Reply
  about 5 years ago

Here in the keys right after the bubble burst properties fell by as much as 50%. I personally know one place that sold at 699k and sold short @285k. Its going to take forever for this to reset in the states!

Reply
  about 5 years ago
Golfspice  

Life can sometimes be difficult through no fault of your own. I hope your article provides some comfort to others in similar circumstances.

Reply
  about 5 years ago

I know several people who have gone through foreclosure. It was a tough time for them but both seem glad to have it behind them so they can concentrate on their life again. Thanks for an informative article

Reply
  about 5 years ago
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