Foreclosure is a countrywide concern right now. Foreclosures are up considerably over last year. Over a million Americans are facing the problem of impending stop home mortgage foreclosure. Most often this is because the buyer does not understand the terms of the contract, that is the small print on the back of the mortgage contract.
Now, all of that fine print is a lot of boring reading. The reality of it is there are very few who has ever read it, unless it is the attorney who wrote it. He only read it because he got paid to write it.
If the buyer had read it, they would know they were/are signing away their entire financial future. The buyer was signing on faith alone. Faith the bankster would not do anything underhanded or dirty. After all, there are laws against such shenanigans. But there are only laws against being cheated or defrauded if you can catch them. And then if you can find someone to prosecute the case for you.
The most common characteristic of these trusting people, these ignorant people is to go into a complete state of denial. The kind of denial that holds hands with brain freeze. They become paralyzed at the thought of losing their home and believe either it will not happen or some miracle will save them. These are the same people believing a miracle will come while the sheriff is setting them and their living room couch out on the front lawn.
It is possible to stop mortgage foreclosure if the homeowner is willing to get the information necessary to preserve their home.
Many of these folks to do have a clue about their finance in general, let alone the specifics of them. It is no wonder they are in financial hot water. Obviously this not everyone. There are those who do a very good job of managing their money that run run right into a wall they could never avoid.
Denial is the worst place you can find yourself when facing a mortgage foreclosure process. Just because you do not want to believe it does not mean it does not exist. These folks cannot face the reality of how bad their financial situation really is.
When they see the stack of monthly bills and amount of debts put before them they will be shocked and dismayed.
The only thing worse than denial is brain freeze. The worse things get the more paralyzed they become. They want to block out the horrible reality of losing their homes and in the end will do absolutely nothing to save their shelter for their family.
Bankrate.com conducted a survey recently and found Mr. and Mrs. Six Pack rated an incredible "D" in financial understanding. Most of these folks have clue what they owe. All they know is they send out a check every month when a bill comes in the mail. These folks often are paying late payments and overdraft charges. Why, because they believe as long as they have checks they have money. Or if they have a credit card there must be money there.
The real bottom line to this is, it is whole easier to write a check or pull out the credit card and buy something than it is to pull cash out of their pocket. If they would deal in cash they would think twice before dropping a $100 out for something they do not need.
Action is a must. If a homeowner is facing foreclosure, massive action is a must and it must be fast action. Knowledge is power, if it is used. Knowledge is freedom and if applied it is a relief from the do nothing state of mind of the paralyzed person.
Whatever you do, if your financial circumstances have changed or are possibly going to change in such a way you may be involved in foreclosure process you need to seek information to help dig you out the hole you find yourself in.
Part of this massive action is to get a handle on the finances. It is imperative to know how much is owed and to whom it is owed and how much a month is being paid to them.
Once this done it is time to contact the creditors and negotiate a realistic payment plan.
Once it has been determined how much is needed to make monthly payments on time, there has to be enough left over for normal living expenses. If there is insufficient money left for all of this then it will be necessary to trim back on the un-necessary expenses and/or contact the creditors to negotiate new terms of payment.
Now is the time to consider the possibility of one or both of the Six Packs getting a second job or a part time job or maybe even a business. All of this has a direct bearing on whether the home can be kept or not. And maybe it is not in your best interest to keep this home.
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")