According to statistics from a report provided by the Federal Deposit Insurance Corporation (more commonly known as the FDIC) “one out of every two hundred homes will be foreclosed upon” and six out of ten homeowners “wish they understood the terms and details of their mortgage better.” The same report shows that more than twenty percent of American households are spending more than they earn each year and more than half of employees are living paycheck to paycheck. Job loss, health emergencies, lack of savings, and no available credit are the biggest reasons that push homeowners over the edge and into the possibility of foreclosure.
Although it can appear that the cost of owning your own home is just too high, there are, in fact, a number of benefits. Homeowners generally live happier, more satisfying lives because owning a home has been linked to emotional, mental, and even physical health. Your children are also more likely to have greater academic success and fewer problems in school if you’re a homeowner. The fact that you have a place to truly call your own leads to a sense of pride over the fact that you are the king or queen of your castle. It’s important to take the decision of buying a home seriously and take every possible factor into consideration.
We know that in times of trouble it can be extremely difficult to make payments. If you have received a letter from your lender notifying you of their intent to begin a foreclosure on your property, contact us today for a free consultation and let us help you with any legal needs you may have.