It’s a question that nobody wants to find themselves asking, yet more and more people are posing: “I am behind on my mortgage payments. Should I foreclose?” Many people who are behind on their mortgage payments see foreclosure as the only option. It seems to them that no matter what they do they will never get caught up. Some of these people are one or two months behind, while others have missed payments for much longer periods of time.
A Crucial Bit of Information:
Where a person lives can have a huge effect on how long he can avoid foreclosure. For instance, there are some counties in major cities such as Chicago and New York that are backed up for months, and so it will take them quite a while to act on the threat of selling the house in a foreclosure sale. However, there are other locations, like the entire state of Texas, that will wait no more than three weeks to schedule the sale of a home.
“I am behind on my mortgage payments. Should I foreclose?”
Before you make a move keep in mind you have options!
Foreclosure is not the only option. There are professionals who can help people get their mortgages reinstated through a payment plan or loan modification. These companies will work with mortgage companies and attorneys to do everything within the law to help clients keep their homes. A professional service can even help people restore their credit once they have gotten back on track with their mortgage payments. Foreclosure, and even filing for bankruptcy, can have long-term costs for a person. Regardless of how farbehind someone is on his payments there are people he can to turn to. That is not to say that everyone who tries will be able to avoid foreclosure, but many people who thought they had no chance will be able to keep their homes.
Foreclosures and the Current Real Estate Market
In most states, especially California, properties continue to appreciate at an unprecedented rate. Strong appreciation trends often lead to decreased foreclosure rates, because homeowners have more equity to leverage. However, no market is so stellar that foreclosures aren’t a concern in the back of many homeowners’ minds. With our current uncertain economic situation, both domestically and globally, no homeowner can be certain that he won’t need to figure out a plan of action should he become unable to pay his mortgage payments.