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2011-03-31 12:19:11
Early Warning Signs of Foreclosure


Homeownership is a cornerstone of America that is protected, promoted and cherished. To lose a home for any reason is devastating, but to lose it through foreclosure can also be embarrassing and demeaning. When you are having conversations with homeowners that have mentioned foreclosure, revisit the warning signs here.

  • Credit card debt out of control. (Maxed out cards). Paying the minimum amount due.
  • 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 unbudgeted maintenance expense.
  • Excessive debt is the number-one cause of financial collapse and foreclosure.

If you detect any of these warnings, early intervention could help save a home.

 

Servicemembers Civil Relief Act (SMCRA)

HUD

Realty Trac's Year-End Foreclosure Market Report

Mortgage Forgiveness Debt Relief Act of 2007

United States Foreclosure Law 

Making Home Affordable Program

Federal Housing Finance Agency (FHFA)

 
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