In order to attempt to determine the needs of those facing foreclosure, the Foreclosures Help website conducted a survey in August of 2008. The following article is a condensed version of the results of that survey, in order from most popularity to least. Every respondent of the survey identified him or herself as an adult resident of the United States who was more than 90 days behind on his or her mortgage and/or already in an ongoing foreclosure proceeding.
1) How exactly do I protect my home from foreclosure?
The most popular question on foreclosure homeowner's minds was naturally how to stop the foreclosure. In many cases the questions was phrased more specifically, such as "what steps do I take to protect my home from foreclosure."
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) Can I still protect my credit rating?
Their credit rating is another thing that homeowners want to protect when they are in foreclosure. Everyone has been warned and scared by all the press and news on how a foreclosure will destroy credit ratings for 7 years or longer. While foreclosure can last just a few years, the impact on credit rating of the homeowner in foreclosure lasts much longer. In the meantime, the homeowners cannot get any loans for new properties or cars or even to rent even though they may have resolved their financial issues and are now making decent money.
3) What happens if I file bankruptcy?
Facing an imminent foreclosure, the prospect of filing for personal bankruptcy sounds like the most reasonable option. But since the state and local laws are always changing on this issue, there are of course many questions that these homeowners want to ask about it first. Questions like who gets the debt in a divorce situation, and especially which kind of foreclosure they need to file for.
4) How do I make the bank make a deal with me?
A final common question concerning foreclosure relates to the method by which they can make a financial institution agreeable to their goals. Generally, financial institutions can be difficult to work alongside while you are experiencing foreclosure. At times, financial institutions concern themselves with your troubles and attempt to negotiate an agreement with you, though jsut as often a lender files foreclosure without letting you know, and the police actually shows up at the trustee's sale in order to extricate you from your home. Worried about times like these, homeowners truly desire to be told the method by which they may cause a financial institution to concern themselves with their situation, and negotiate a solution fast.
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To find out the answers to all of these foreclosure questions, or to see all of the questions we received on Foreclosure, swing by the Prevent Foreclosure Network right now.
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