For a homeowner, facing foreclosure is one of the scariest feelings in the world. Meant to be a deterent for non-payment, foreclosure is what happens when you stop making your mortgage payments. There is a long legal process involved, and it can take 1 to 2 years for it to be finalized. The foreclosure goes on the homeowner's credit report, heavily impacts their credit score, and they are evicted from the home.
Unfortunately, foreclosures are very common. Due to the economic crisis, the housing and job markets have both been turned upside down. The high unemployment numbers mean that more and more homeowners are unable to make their mortgage payment each month, and for them, foreclosure seems imminent.
Fortunately, there are several options for homeowners facing foreclosure, or homeowners who think they won't be able to keep making their mortgage payments much longer. Our goal is to educate homeowners about the options that are available to them, and hopefully reduce the number of homes going into foreclosure altogether.
Options: