A home is often a most valuable possession of a family. Buying a house is very stressful and when you finally got a mortgage on the home you want, you never think that you’ll ever loose it. But you never know. Few choose to remain without their houses voluntary. Yet, if you miss your mortgage payments, you may lose your home through foreclosure.
Foreclosure is a process by which a party (bank, mortgage lender, etc.) who has loaned money secured by a mortgage or deed of trust on real property or is the owner of an unpaid judgement forces the sale of the property to recover principle balance due, plus unpaid interest and all costs associated with the foreclosure after the debtor fails to remedy the default on the loan.
- Every three months, 250,000 new families enter into foreclosure;
- One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage;
- 1 out of every 200 homes will be foreclosed upon