Foreclosure Victims: How They Fall Prey to It.

By
Real Estate Agent with RE/MAX Preferred Realty Ltd.

Foreclosure is a tough situation for any homeowner. If you have come across a homeowner who is facing this problem, you should know that there can be a number of reasons behind this. One of the reasons behind foreclosure can be the financial stress resulting out of over expenditure or bad investments. Unemployment is another major reason behind foreclosure as it becomes tough for an unemployed person to make his mortgage payments.

Among other reasons, divorce and separation can be some. As one partner moves out of the house, it becomes very difficult for the other one to bear the burden of making mortgage payments single handedly, as it might have been a joint payment earlier. In families where a death has taken place, that family can also easily fall prey to foreclosure if the person who has passed away might have been the only earning member of the family.

Homeowners who face foreclosure in a bid to avoid stress choose the option of moving out. Some takes up the courage needed to fight with the situation by looking out for some kind of settlement with the lender, by selling their property or even refinancing it. It is always better for a homeowner to let the lender know that he is unable to make the payments.




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Rainer
97,844
Lara O'Keefe
North Texas Home Finders - McKinney, TX

Sasha, it must be so hard for someone who has lost their spouse to have to face the fear of also losing their home. We are seeing alot of it here in Texas and it's just hard to watch.

Nov 28, 2008 11:36 AM #1
Rainer
10,526
Audrey Poltor
BSO - Summerville, SC

As investors, we also need to keep in mind that when we're speaking to these clients....we need to view them as human beings and not dollar signs.  Alot of the "We Buy Houses" folks here in Charleston are preying on elderly foreclosure victims.  Most of them think that this is their only option.  We try to help these homeowners save their homes before we even mention the thought of them having to sell.  This is not just a house to them; it contains memories and pride.  Thanks for the awesome info!

Dec 17, 2008 06:46 PM #2
Ambassador
2,034,583
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

It amazes me how many people won't call their banks to let them know they are in trouble. Don't know if it is embaresment, shame or what, but if you are in trouble... CALL YOUR BANK!

Todd Clark, Helping Families Home - www.IFoundYourNewHome.com

Jan 22, 2009 01:37 AM #3
Rainmaker
43,189
Vanessa V. Simmons
Real Living HER - Columbus, OH
Realtor

Thanks for posting this.  I think we have to keep reminding folks that not everyone purposely got into homes that could not afford.  There are the real stories....Nice Post

Mar 07, 2009 08:44 AM #4
Rainmaker
68,469
Valerie Springer
Benchmark Mortgage nmls 2143 - Birmingham, AL
Home Loan Officer AL, FHA, VA, Conventional and Re

Great post, there are many that are in bad circumstances today because of something beyond their control.  It is so terrible to lose someone you love so much and have the added pressure of losing your home as well.  Great reminder for compassion.

May 05, 2009 02:43 PM #5
Rainmaker
636,195
Cindy Bryant
Redesign Etc. Home Staging - Houston, TX
"Houston Home Staging Pro's"

I'm starting to see more foreclosures, unfortunately they are trashing the house before they leave.

May 08, 2009 11:49 PM #6
Rainmaker
285,954
Marilyn Harrell
ReMax Riverhaven - Beaverton, MI
Wixom Lake - Beaverton MI

So many ways to lose your home - In our rural area, very few foreclosures are due to the "Overspending - HAD TO HAVE NOW" theory I hear of. It's mostly job loss, divorce and some of the other situations that you mention including loss of health, injury and medical bills as well.

Bad things happen to good people....

Jun 26, 2009 07:49 AM #7
Rainmaker
73,810
Barbara Hershey
Bath, ME
Realtor, Maine Real Estate

I've seen a lot of people who are too proud or embarrassed to let their lenders know that they're having trouble. And I've seen a lot of people who kept in constant contact with their lenders, but were ignored or made to feel worthless. Sad stories either way....

Oct 31, 2009 08:37 PM #8
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Rainer
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Sasha Miletic - Windsor Real Estate

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