The recent housing slump occurred in large part due to homeowners borrowing more money than they could afford to pay back. The result has been a 300% increase in foreclosure rates across the U.S. Many families lost their homes and had to find alternate living arrangements.
Without better education for potential and existing homeowners, the foreclosure rate can only be expected to continue to rise.
Why We’re Asking:
Foreclosures are rarely clean transactions. The involve lots of paperwork, phone calls and adherence to strict rules. If a homeowner is unfamiliar with the foreclosure process, they may miss out on possible solutions simply because they don’t understand the laws. We’re hoping to clarify how the foreclosure process works.
Share your thoughts below:
How Can I Protect Against Foreclosure?
When foreclosure threatens, what are your options for keeping your home?
Is there a way to protect yourself legally?
When is it smart to concede to a foreclosure?
Can a realtor or real estate lawyer help prevent foreclosures from happening?
What about taking advantage of foreclosed houses?
Are there any legal requirements for buying a foreclosed house?
We’re excited to hear from lawyers and realtors on this important topic. Check back later for our awards post and comprehensive final article.
Please post your answers in the comment field below!