What is foreclosure?

A foreclosure is not an overnight process. There are always a number of months, sometimes years, before the first inkling of what’s to come rears its head. Does this make any difference to those that lose their homes? Probably not, as the inevitable result is pretty much the same time and again. The span of time between knowing what’s going to happen and the day that it actually does happen is neither here nor there; the fact remains that very few manage to avoid losing their home to their mortgage lender. Oddly, I know you can’t win in the more positive sense either. I have a member of family that came into a considerable sum of money recently.

As a means of ensuring that their home remains their home, they decided to use the windfall to pay off their mortgage. They approached their bank (that’s who they borrowed their mortgage from) and asked about the early redemption process. The bank was fine with their proposal, with the exception that they had to pay an early redemption penalty! It turned out that they had to find another $7800 in order to pay their mortgage off in full. Fancy that … you want to rid your debt, you want to do the right thing and the banks way of dealing with it is to extract a ‘fine’ out of your pocket.
It’s almost as if you’re punished for wanting to do the right thing. I was pretty shocked, as they were. Of course they decided to go ahead and pay it off regardless, but both were left with a nasty taste in their mouths. It’s almost as if the banks have the right to print money, to extract as much as possible out of your pocket, whether or not you can actually afford it! Anyway, at least there’s no chance of them being hit by a foreclosure any time in the future.

Most of us know what a foreclosure is, and what it entails. The end result is that you lose your home, end of story. It’s a sad fact that over the last couple of years, the rate at which homes are being repossessed by the banks remains on the rise. As the financial crisis tightens, so many families are feeling the ill effects. This is not a good thing, probably not a good thing for the banks either. Let’s face it, the banks don’t want to own a string of houses, they’re not into the realty business. They don’t want to become landlords, owners of vast numbers of properties that require maintenance and upkeep, as well as property management.
However they are repossessing houses on a daily basis across the nation. You only have to take a drive around your local area to realize just how many people are being affected by this horrible trend. There are foreclosed boards up on every street, or so it seems when you’re driving around. In fact this is one of the ways in which people hunt for such properties, as they find them at the source – the side of the road. You drive around, looking for such properties. You find one that you like the look of; you take the details down and find out when the house is up for resale and where.

You then attend the auction (which is where most of these properties are sold) and bid for the house you’re interested in. If you’re successful, fine, you’ve got yourself a new home at what will probably be a rather low price. If not you just enter back into the fray, eventually you will manage to secure one. As time passes, more and more homes are repossessed through foreclosure, and more and more people end up without a family home. If you’re one of these people you’ll know the process, how it works and where it ends up. None of it seems fair, not least if you’ve lost your job. It’s a sad state of affairs that doesn’t look as though it’s going to improve any time soon.

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About Mark Knowles

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