| The Top 5 Reasons For Foreclosure and How to | | | | whether it is a payment deferment, forbearance, |
| Deal With Them | | | | or a modification. |
| Call Avoidance is The Number One Cause of | | | | Job Loss or Decrease in Income: |
| Foreclosure. | | | | This is a frequent cause of foreclosure. The |
| More than 50% of people who lose their homes in | | | | current economy is in a shambles and |
| foreclosure NEVER speak to their lender. That is a | | | | unemployment is above 10%. As the |
| staggering statistic! | | | | unemployment rate goes up it is safe to assume |
| Once you force yourself to pick up that phone, | | | | that foreclosure numbers will go up as well. Some |
| you will realize that you can save your home by | | | | people have stashed away reserves that help |
| communicating with your lender. This Article | | | | them get through these times. Unfortunately the |
| should convince you to pick up the phone and | | | | reality is that most people have not. Many |
| make those crucial phone calls. | | | | homeowners who face a job loss cannot pay |
| Call avoidance is an unnecessary part of each of | | | | monthly bills and they fall behind in their |
| the remaining reasons for foreclosure: | | | | mortgages. A large number of Americans derive |
| Divorce: | | | | income from their own business and the current |
| Divorce is a life altering problem and a division in a | | | | economic climate everyone is suffering. Calling |
| household can cause people to lose their home in | | | | your lender to ask for assistance is the key to |
| foreclosure. A well known statistic today is that | | | | avoiding foreclosure. |
| one in about every two marriages end in a | | | | Death of A Family Member: |
| divorce, unfortunately it's true. Depending on | | | | Death is the single most destructive event for a |
| which spouse keeps the house this can be the | | | | family. Death quite often can cause a family to |
| determining factor of who will take over the | | | | lose everything. Least among these is their home. |
| monthly mortgage and other household bills. The | | | | If the sole income provider for the family has |
| legal cost of divorce itself can be the cause of | | | | died, then it is very likely that the remaining family |
| losing a home in foreclosure. If you are in this | | | | will lose their home in foreclosure. Unfortunately, |
| situation CALL YOUR LENDER to ask for | | | | there are few options available for people in this |
| assistance. They may have a way to help you | | | | situation. Some States have special programs and |
| keep your home, whether it is a payment | | | | Grants available to help those who find |
| deferment, forbearance, or a modification. | | | | themselves in these circumstances. Once again a |
| Medical Problems and Bills: | | | | call to the lender can help you to slow the pace |
| Unexpected illnesses and the medical bills that | | | | of foreclosure activity. A deferment, forbearance, |
| come along with them can cause a foreclosure. | | | | or other assistance granted by your lender could |
| Many people can't afford these unexpected bills | | | | be just what the doctor ordered to save your |
| and do not have the insurance coverage to pay | | | | family home. Remember it all begins with a phone |
| all of them. Many homeowners live paycheck to | | | | call. |
| paycheck, barely making their mortgage payment | | | | Most reasons for foreclosure can be mitigated. |
| each month. When a medical emergency arises | | | | The key is picking up the telephone and getting |
| within the family, the monthly bills including | | | | concessions and assistance from your lender. Be |
| mortgage payment can become secondary and | | | | careful, many lenders have systems in place to |
| get placed on the back burner. Unfortunately | | | | prevent non deserving people from getting |
| ignoring your mortgage arrears and not dealing | | | | un-necessary assistance. If you have a real |
| with them can cause you to lose your home in | | | | hardship, can still afford to make some sort of |
| foreclosure. If you are in this situation CALL | | | | reasonable payment avoiding foreclosure might be |
| YOUR LENDER to ask for assistance. They may | | | | just a phone call away. |
| have a way to help you keep your home, | | | | |