Time to release the burden from Homeowners

Property and mortgage are two faces of coin, and it’s likely that we find the former more exciting. The latter though is a necessary evil. Almost everyone relies on loan payments when it comes to buying houses, and I guess this is the most feasible payment plan, but then why do some of us end up facing foreclosure?

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice. The lender then forecloses the property and sells it to the public at a foreclosure auction.

Unanticipated situations like loss of a job, medical expenses and other life-altering occurrences can happen to anyone, causing us to fall behind in our loan payments. If we neglect paying our credit cards, it hurts our credit rating, but if we stop paying our home loan, the situation is even worse; the loss of a home. There is nothing to be embarrassed about when facing foreclosure. There are many ways to overcome it like reinstatement, forbearance, mortgage modification, repairing credit, and repayment plan, or selling the house can work too.

With reference to an article, ‘Realtors team up to save homeowners from foreclosure’, published at txcn.com, it seems as the real estate agents are also willing to facilitate homeowners. The realtors’ team, including couple Stacey and Michael Spickes, is helping homeowners to avoid foreclosure.

The team is not only educating people over this issue, giving guidelines, sharing its professional and personal experiences but also generating opportunities and opening new learning ventures for agents to enter into this business. I believe that this effort can bring a sense of security to homeowners by putting them in a better position to deal with foreclosures.