Claims filed for foreclosures increased 25% in the month of October compared to October last year, with a total of 279,561 new filings (source Reality Track). 84,000 homes were closed in the same month of October, CNN’s Christine Romans said this morning. It’s time to learn how to avoid foreclosure.
The American workforce continues to lose their jobs. Inflation continues to rise, while people earn less money every day. People continue to struggle and every day it is more difficult to get by even with the same income that was once enough to have a good life.
By the end of this year, one in three homes sold in the United States will be foreclosed. This is an astronomical forecast. Because it’s a domino effect; more foreclosed homes means prices drop even further and as a consequence more homeowners will be turned upside down and let their homes be foreclosed on, and the cycle will go on and on.
I am amazed when I see homeowners lose their homes just a few months after they default on their mortgage loans. They move out of their homes only a few months after receiving the foreclosure summons for the first time. This is very attractive to me. I can’t understand how homeowners let their houses go like this.
Statistically, 50% of homeowners take no action when they fall behind on their mortgage payments, then receive a foreclosure notice, and a few weeks later, are evicted from their homes. They don’t know what to do to avoid foreclosure.
Unfortunately, many homeowners have no idea what to do when facing foreclosure. Often times, many of these people have simply lost their jobs, or for some reason their income has gone down drastically and they think they have no choice but to let the bank foreclose on their homes. This is completely false, you have to educate the owners; they need to learn how to avoid foreclosure.
The truth is, they have options. Homeowners don’t have banks repossess their homes, at least not right away, just because they can no longer afford the payments. In fact, homeowners can stay in their homes for up to two years or more, depending on the state they live in and their lenders.
Every day I see homeowners who are still in their homes after more than two years, since they first received the foreclosure notice, and there is absolutely no reason why you can’t do the same. It’s all about learning how to avoid foreclosure.
Don’t let the bank foreclose on your home, even if you lost your job or have no income. You can still stay in your home for a long time, and best of all, you don’t have to pay anyone for any services. You can do it yourself, you just need to know how to do it and what to do in each situation to learn how to avoid foreclosure and stay in your home.