The Warning Signs of Foreclosure
Many homeowners across the country are undergoing the devastating effects that the downturn of our economy has produced. There is nothing more stressful, embarrassing, demeaning and devastating as losing a home through foreclosure.
Early Warning Signs of Foreclosure
- Credit card debt out of control. Paying the minimum amount due. Maxed out cards.
- Paying for necessities with credit cards - groceries, utilities, etc.
- Cannot meet monthly financial obligations - choosing which bills to pay.
- Borrowing from friends and family.
- Loss of employment, or reduction in hours or wages.
- Major illness which can cause loss of work and an increase in health expenses.
- Divorce, separation or other traumatic family or personal situations.
- Death of a spouse or significant other.
- Cannot pay the new Adjusted Payment on the ARM mortgage loan.
- Major budgeted maintenance expense.
- Excessive debt is the number-one cause of financial collapse and foreclosure.
Whatever the reason for a property on the verge of, or falling into the Distressed Property category, there are options. The sooner the homeowner 'Takes Action' the more alternatives will be available. There is a lot of foreclosure advice available and it is all free. Don't get scammed by a private "foreclosure prevention specialist," instead talk to a qualified Realtor® for guidence or visit www.hud.gov to obtain valid information.
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