Recently a survey was taken at the Foreclosures Help resource website, in order to more deeply understand what the needs are of people in foreclosure situations. Below are the findings of this survey, in order of popularity. All people surveyed have identified themselves as U.S. residents currently in foreclosure now, or are at a minimum more than three months behind on their mortgage payments.
1) How exactly do I protect my home from foreclosure?
The most frequent question that owners of homes consider regarding foreclosure was, of course, by what method they could stop said foreclosure. Commonly, the question was stated more precisely than this, for example, some respondents asked what actions they could perform in order to shield their house from the foreclosure. Others asked how they could keep their property, and still others simply didn't want the embarrassment of being evicted.
Divorce, loss of employment, and sudden medical bills are among the many things that can cause a homeowner to stop making timely mortgage payments. It does not take long for the bank to start foreclosure proceedings, and many of the homeowners don't know how to defend themselves. The majority do not want to consider extreme measures such as selling the house or declaring bankruptcy, and refinancing is not usually possible. Most of these homeowners are suffering transitory financial trouble that they expect to pass quickly. While they can resolve the balance in arrears, the majority of American homeowners cannot do so immediately.
2) How do I protect my credit Score?
While in foreclosure, most homeowners will want to protect their credit record. The media's constant tales of woe and seven-to-ten year credit ruination has scared every homeowner sufficiently. While foreclosure itself is long and drawn out, the black mark of it on a credit rating lasts much longer. While this mark stands, it is now common knowledge that foreclosed-upon borrowers cannot get any future loans for cars, real estate, business loans, and sometimes not even an apartment, despite being able to resolve the financial trouble quickly and make a substantial salary in the future.
3) What if I file bankruptcy first?
When a homeowner is threatened with foreclosure and has no way to pay the back payments or even current mortgage payments and everything looks bleak, he or she sometimes seriously considers filing bankruptcy. However, there are many questions about filing bankruptcy as a way out of foreclosure. Bankruptcy laws have changed and it is harder to file bankruptcy nowadays. So, homeowners have questions such as what will happen to the home that is in foreclosure, do I have to declare the home in foreclosure, will I be able to delay foreclosure with bankruptcy, what if the home is in both my name and my spouse's name then who needs to file for foreclosure and declare it? There are many foreclosure questions that come up when bankruptcy is concerned.
4) How do I make the bank make a deal with me?
Last but not least, a very popular question about foreclosure is how to make the bank or lender cooperate. It's no secret that banks are usually tough to deal with when you are in foreclosure. Sometimes, banks listen to your hardship story and try to work out a deal with you but other times lenders just file foreclosure on your home without warning. Then the next thing you know, the sheriff shows up to evict you. When faced with this scary story, homeowners desperately want to know what to do to make the bank listen and make a deal.
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To find out the answers to all of these foreclosure questions, or to see all of the questions we took about Foreclosure, swing by the Prevent Foreclosure Network right now.
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