A foreclosure refers to a legal procedure in which the lender (often the mortgage lender) reclaims the homes following a default in the payment of a mortgage loan. Over the years, many homeowners have lost their homes due to foreclosures. If you have never lost a home because of a foreclosure, you may probably find it less important and perhaps not worth giving attention. But this is an important issue that is worth giving a lot of attention. You have to look at the facts associated with it and some of the most notable ones are indicated below:
Foreclosures may lead to an additional loss of property for houses located nearby
Even though there is little that any human being can do to change this, it is a shocking fact. You may be sitting idle at home only to be told that your home’s value has dropped significantly following the foreclosure of your neighbor’s home.
Over 80, 000 new homes are face foreclosure sales on a monthly basis
Though this may sound shocking, it is actually true. Some recent revelations have attested to this information, sending shockwaves all across the US.
Even the best attorney may not prevent a foreclosure
Sometimes, even the best attorneys may not help one save their home from a foreclosure sale. This is shocking considering the fact that attorneys are the best means of winning a foreclosure case.
At least one child in every school in the US is at risk of becoming homeless
This is another fact that is worth giving attention. It also explains why the foreclosure topic affects all people.
Some homeowners do not contend against their foreclosure cases
This is a shocking fact which is in fact true. It calls for the need to urge homeowners to fight against a foreclosure at all costs using any means, such as hiring loan modification attorneys or availing loan modification help of any kind.