The amount of householders who dealt with property foreclosure resulting from past due mortgage repayments is getting bigger than ever. Approximately one out of three homes sold in the United States in the first quarter of 2010 was a foreclosure property.
In this tough economic crisis that many of us are experiencing, bad things are happening to good people. Perhaps your very own property is in danger right now being taken away as a result of foreclosure.
More people are losing their homes to foreclosure than any other time in history. Based on research in April 2010 alone, 14,087 properties, out of a total of 34,461 that was ‘for sale’ were bank owned. Thus, 40.9% of all the homes on the market came from distressed homeowners who had to give their homes back to the banks.
The credit damage brought by foreclosure is quite painful. A foreclosure is considered by many lenders to be the most terrible possible event to happen to an individual’s credit score even worse than a bankruptcy. A credit score can drop up to 200 points with a foreclosure. But to make matters worse, it takes 10 years to remove a foreclosure from your credit score.
What’s more, a low credit score can affect other items, such as your credit card application and rates as well as your car insurance. In countless circumstances, having a foreclosure on your record can prevent you from getting certain types of jobs. Not only has this person lost their house, but their credit will be damaged for a decade and are eligible for fewer jobs because of this personal catastrophe.
Home foreclosure causes stress on many different aspects including: waiting for the unavoidable eviction from your home, changes in lifestyle, your standing in the community as well as your credit report. Friendships typically change and background checks for job employment are affected. The stress of going through a home foreclosure can also affect your health and sometimes your marriage.
For a woman alone this experience can be hurtful. This is the place she called home. Where dreams are built and dearest of relationships was developed, nurtured and cared for. Her home is where her roots have been established with coworkers, neighbors, friends and family. It expresses her personality and interests.
On the other hand the children have become an integral part of a community with school, sports and churches only to be uprooted to start all over again. Often making the move from a foreclosed home involves making a move to some temporary housing while the former homeowners get their finances in order.
During these struggling time in our lives.The only thing we can do is to turn to God and ask for his help. We need his intervention during this season of our life. We need his wisdom to properly use the resources he has given us in the exact way he wanted us to do.