Foreclosure Is Not A Fun Word

by Bill Gassett 12/13/2008

Foreclosure is not a Fun Word yet it is reality that many across the US are facing in these tough economic times. (Bill Gassett, #4 RE/MAX Team ) There are many ways that home owners find themselves in this predicament including job loss, reduction in income, mounting credit card debt, an increase in mortgage payments, a terrible illness, or divorce. There are probably others that I have missed as well. A home foreclosing doesn't just effect the homeowner directly. It effects you and I and everyone else that lives near the home. Foreclosures drive down property values! When you are faced with selling your home and you have to compete with the foreclosure down the street that's been marked down in price because the bank has no desire to hold it, you will quickly realize you are part of the epidemic.  There are many home owners that don't know there are other options besides letting their home end up in foreclosure. Some are even too embarrassed to investigate their options. This is a shame and I would like to help explain some of the things you can do including a short sale  (todays article) or a loan modification (next article).

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