If you’re one of those people who have never faced foreclosure, you don’t understand. You just don’t get how someone can get into a situation where they need to avoid having their home foreclosed on. Isn’t their home their most important asset? Shouldn’t they pay the mortgage first?
Sure, they know all those nice words and fancy ideas, but sometimes what they want to have happen doesn’t match up with what happens and they are worried about home foreclosures and avoiding their lender.
How It Can Happen
There are many ways that a homeowner goes from being delighted with their new home and cushy and comfortable making their payments. Or maybe they were never so comfortable with the amount of their payments but at least they were making them, and on time!
Usually, something happens. You lose your job, or your income goes down for another reason. Maybe you’re on commission and sales are slow. Maybe you’ve been waiting for that inheritance to come, and the old relative hasn’t died yet. Maybe you have your own business and you didn’t sell that 1,000,000 widgets at a dollar a piece that you anticipated.
Maybe your health declined, making it more difficult to work. With added medical bills, things are tighter than ever. Maybe your circumstances left you depressed, making it hard to work for another reason. Maybe you’re just burnt out and can barely get out of bed in the morning.
Whatever the reason, once the money isn’t flowing like it used to, you’ve got to make some hard choices. Should you pay the mortgage, or the electricity bill? What about the water bill can you get an extension on that one? Or maybe you’ll go the borrowing money route. Can your boyfriend lend you $500 to help you get by? Can your grandparents? And if they do, when will you be able to pay it back? Should you get a loan to avoid foreclosure on your home would you qualify for one?
At first, when the bank calls you’re not avoiding them foreclosure on your home isn’t what they’re threatening, it’s just a vague possibility in the back of your head. But they’re leaving messages after the first call, since you identified that number as the bank and now you’re not picking up. They want your payment, you’ve got late charges…and things are looking bleak.
If you aren’t able to solve your money problem soon, and you don’t make the payment, the idea of foreclosure at home can’t be avoided. The bank is threatening that every time they leave a message.
Next thing you know…you get that notice in the mail usually two or three times, certified and regular letting you know your home is in foreclosure. Avoiding it is over. It really could happen to you but let’s hope it never does.