Current State of US Foreclosure Market

Millions of Americans are affected every year by the devastation that is foreclosure.  It is so problematic that it is considered a national financial epidemic.  There are several ways foreclosed properties can originate for millions of families around the country.  The origin is usually a loss of ability of a homeowner to be able to pay mortgage payments each month.  Regardless of the situation that caused this, there are multiple effects on a homeowner.  Firstly they lose their home, or at very least the equity on it.  A reflection is shown on credit scores, often with enough severity to gouge even the best of credit scores.  Then there is the possibility of the loss of employment, increase in taxes due to loss of the lender and possible bankruptcy.  Without a doubt government foreclosures create quite a bit of stress, to put it lightly.  There is a way to stop foreclosure in its tracks so you do not become one of the 250,000 families in the next three months to lose their homes.

 First off, stop foreclosure issues before they even present themselves and do not buy a house you can’t afford!  43% of Americans spend more than they earn every year.  Debt is the number one cause of federal foreclosures, hands down.  In addition, 52% of American households live paycheck to paycheck.  If anything out of the ordinary requires you to put out even more cash than you are already spending—for a medical emergency, for example—you may have to face the possibility of a foreclosure on your properties.

 As of mid-July, 2009, government foreclosures were at a record high in the United States.  1.5 million homes faced foreclosure from January to June of this year.  That means one out of every 84 homes in America was foreclosed.  See why it is considered an epidemic?  Most people, if they have not faced federal foreclosures themselves, know of someone who has.  If you need foreclosure help, seek it now before it gets a hold of you.

 With the amount of repossessed properties going through the roof in recent years, it is clear there needs to be a change.  No one can make that change but you.  Stop foreclosure from happening to you by paying off your debts and getting back inside living within your means.  Learn about refinancing your home and modifying your mortgage if payments are approaching a higher limit than you feel you can comfortable pay.  Statistics show that about 60% of homeowners do not understand the process of modifying a mortgage, so if you are in that 60%, educate yourself now.  Similarly, most homeowners do not even understand the original mortgage agreement they set up with the purchase of the home.  Knowledge and communication are the keys to stop foreclosure.  It is a frightening thing to face, to be sure, but with foreclosure help, you can get through it! 

 Avoiding federal foreclosures is obviously the right path to take.  It will save your credit, your job, your family and countless hours of fretting.  If you need foreclosure help, seek it from financial advisors and speak with a bank about refinancing your home.  Many people facing foreclosure buckle under the stress and emotion of it all and do not take action until it is already too late.  They are too scared, embarrassed or depressed to seek foreclosure help until it is upon them.  Do not be counted among these people.  Make the smart decisions in this awful current foreclosure market.  Move out of your home before payments become too difficult into something more manageable.  Do anything you must to get out of debt and back on your financial feet.

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