On foreclosure statistics: Home Equity - Foreclosure Often Not Necessary In Current MarketBy Charles Essmeier, Thu Dec 8th While driving around your community, you may have seen signsposted on telephone poles that offer “foreclosure help.” Theseseemingly generous offers to help financially troubledhomeowners who are in danger of losing their homes toforeclosure are actually scams. Typically, the “help” comes inthe form of an offer to buy the home for a reduced price fromthe homeowner. The scammer offers to pay off the homeowner’sexisting debt and to rent the home back to the homeowner untilthey can afford to buy the home back. The scam comes after theowner signs the paperwork and the offer to rent the home to themabruptly disappears, leaving the scammer with an inexpensivehouse and the homeowner without a house or a place to live.Fortunately, the current booming real estate market has made itpossible for financially troubled homeowners to avoidforeclosure on their home and the scammers. Foreclosureusually occurs after a homeowner fails to make his or hermortgage payments for a period of several consecutive months.Lenders are often willing to accommodate minor financialtroubles from their borrowers, but sometimes, they have nochoice but to evict the homeowner and sell the home. This isusually done at a public auction, as lenders place moreimportance on getting money back quickly than in getting thehighest price the property can yield. While the nationalforeclosure rate has been fairly ______continued. Interesting article on foreclosure statistics: Preventing Foreclosure Proceedings And Understanding Your The price of homes nationwide has skyrocketedin the last few years, and in many markets, values have doubledor ever tripled. Many homeowners now have huge amounts of equityin their homes and that equity often exceeds the amount owed onthe primary mortgage. That may be little consolation to ahomeowner who has just lost his or her job, but the homeownernow has another option besides watching the bank sell the homefrom under their feet. The homeowner can now sell the home, payoff the mortgage and often pocket some cash at the same time. Inmost markets, this can be accomplished rather quickly, beforeforeclosure proceedings take place. The debtor will no longerhave a place to live, but the debt will be repaid, and he or shewill often have quite a bit of cash left over. This is certainlya better option than either dealing with a scammer or losing thehome to foreclosure. Anyone with financial troubles thatprevents them from making their house payments should consultwith their lender first. Lenders aren’t really interested inremoving people from their homes unless it’s absolutelynecessary. Still, it is comforting to know that the currentmarket may provide a somewhat more attractive alternative thatmay actually yield some cash. About the author:©Copyright 2005 by Retro Marketing. Charles Essmeier is theowner of Retro Marketing, a firm devoted to informationalWebsites, including End-Your-Debt.com, a Website devoted to Another decent article on foreclosure statistics: How Can I Stop Foreclosure On My House? Off-site
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