Unable to refinance, no more equity left in the home A couple of years ago the real estate industry was booming, many homeowners where using their homes to finance vacations, trips and to buy bigger toys,cars and boats not that the cash machine is empty, Many find themselves oweing more than the home is worth and feeling the pinch. No money no way to afford the rising adjustable rate mortgage.
The rates are setting and the next 4 years see many homeowners who will continue to default on their mortgage loans. What is the solution? can the government bailout help homeowners stay in their homes? Choosing foreclosure is not an easy decision, looking for options homeowners want a way out.
A deed in lieu of foreclosure is when a homeowner signs the home back over to the bank to avoid foreclosure, those in serious mortgage distress must do the following:
Be proactive call servicer find out what your options are as a borrower
Look at your budget and other expenses besides your mortgage
Talk with a HUD housing counselor and find out what you can get help with
Get a foreclosure attorney to represent you
Its never an easy decision to walk away from your home, but when one is facing foreclosure it can be overwhelming
Why more families are walking away from their homes
Facing mortgage default many distressed homeowners are choosing to walk away from mortgage payments.
Why are they leaving and what is going to happen to the real estate mortgage meltdown crisis? Stuck in homes they can not afford many families have given up with no where to turn, economic downturn and high unemployment rates have left many desperate for relief. so the end results in them walking away from the home of their dreams.
Many owe more than the house is worth and the continued strain and stress of not being able to pay their bills is too much for many to bear.the declining housing market is leaving many no other choice but to leave and start over somewhere new in a rental home.
Lenders are left holding the bag with all the defaulted properties that continue to rise amidst a bleak economy.
Going through foreclosure affects a persons credit report, how will this effect a person who may want to buy a home again in the future, walking away from a home that is behind in mortgage payments.
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