by Shomail Malik
Outrageous headlines in newspapers desperate to boost decreasing readership have been luring already victimized homeowners into a dangerous feeling of false security. News stories tell tales of homeowners who have eluded foreclosure for incredibly lengthy periods of time and give readers the impression that this is what they can look forward to if they stop paying their mortgages, supporting the idea that there is little use in writing that hefty check every month. Sadly, not everyone is that “fortunate.” With more than 91 million foreclosures estimated to have happened since the boom and bust of 2012, your odds of beating the foreclosure process are not high.
Mortgage lenders may be changing tactics and strategies and coming up with new ways to sell the properties that they have already repossessed and they aren’t going to let homeowners have a free ride forever. In fact it is widely acknowledged that while 2011 saw lenders taking it easy on foreclosures, now that the legal issues have been worked out they are charging ahead.
Banks and lenders may be more selective about which homes they decide to foreclose on first, but no one can predict when they’ll set their eyes on your home. In fact, as the markets recover, it is more likely they are going to sweep in and scoop up homes. For some foreclosure deals, it may take a couple of years, for others just a few short months. Do you want to know what it is like for the sheriff to show up and expel you? Are you really going to wait until your belongings are tossed out into the street in front of your family and you are locked out of your home? Don’t forget that in many states lenders can still sue and hunt you down for what you owe even after taking the home away! Why go through that when you could perhaps get money to move somewhere else and have your debt forgiven?
Understanding what your options are is key to preventing this from happening. Then do something before foreclosure catches you.
January 21, 2013