Probably the most common causes of a homeowner finding themselves in a distressed situation with their home are:
1) Interest rates adjusting to a much higher rate and homeowner unable to make the increased monthly payment
2) Job loss, business failure or reduction in income
3) Illness or death of the wage earner or family member
4) Divorce or separation
5) Relocation
6) Military service
7) Credit card debt
Anyone of us can find ourselves in a situation where we may be faced with the prospect of losing our home, including me. It only takes a month or two of one of these things happening and the worrying begins. It is suggested that we all should have at least 8 mos. of reserve funds to be used in the event any of these circumstances happen to us, but how many of us even have 3 mos. of savings to cover our bills?
Comments(0)