The national foreclosure crisis has affected nearly 938,000 properties in the July-September quarter of 2009 compared with about 890,000 in the prior 3 months according to a report released October 8th, 2009 on RealtyTrac , a site which monitors foreclosure across the Country.
If you have fallen behind on your mortgage due to hardships, such as loss of income or marital change, you have options to avoid foreclosure.
What Is A Foreclosure?
Simply put, a foreclosure occurs when a borrower/mortgagee has not made the agreed upon mortgage payments and the lender/mortgagor takes possession of the home that was held as collateral for the loan.
You Have Options When Faced With Foreclosure
When families are faced with the foreclosure of their home, it creates a very stressful situation. The most important thing for families in this situation to understand is that there are different options on how to handle the foreclosure of the home.
- Bringing Your Loan Current Will Stop The Foreclosure
The simplest option to foreclosure is to bring the loan current. Send the amount of money the bank requires to make the loan resume to current status. Pretty simple huh? I should have thought about that a long time ago… just make the payment… The fact is, most loans that are in foreclosure are due to families facing financial hardships that did not exist when the loan was made. They do not know how to “bring it current,” so they need other advice, and that is the purpose of this article.
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