Archive for the 'Psychology of Foreclosure' Category

What You Pay for When You Hire a Loan Modification Company

Many homeowners do not really understand what they are paying for then they send out a few thousand dollars to a company or law firm offering loan modifications. Too often, they believe they are paying $3,000 for a guaranteed reduction in their monthly payment, interest rate, and principal due on their loan. But the reality […]

How to Stop Foreclosure - Trust Your Instincts and Learn How the Process Works

Whether homeowners work on stopping foreclosure on their own, with a trusted attorney, or by hiring a specialized loss mitigation or foreclosure assistance company, there are a few issues that every borrower should be aware of to prevent against scams and have the best chance of success. These include trusting their own intuitions and learning […]

Accept The Blame, Learn From Your Mistakes, And Move Past Foreclosure

Every week I hear hundreds of excuses about why a home was lost to foreclosure. As it turns out, according to the victims, someone else is always to blame. In 12 years of providing this type of help, I’ve only heard a handful of people say it was their own fault, even though nearly all […]

Are Foreclosure Rates A Result Of Poor Education?

There’s no doubt that many foreclosures are a result of mortgage brokers not educating their buyers on the type of mortgage product they were buying. Brokers seem to neglect explaining the downsides of adjustable rate mortgages or balloon mortgages, and the huge risks involved. Education involves more than just providing the required pamphlets and […]

Can God Save Your Home From Foreclosure?

Most people in the USA seem to believe in God, or some sort of higher power, but do our higher powers care if we lose your homes to foreclosure? Across the nation, homeowners are praying to God to stop foreclosure and help them through their financial hardship. Realtors and mortgage brokers are even […]

The Foreclosure Crisis and Failure in America

The latest “celebrity” foreclosure being reported in the news is that of a family who had been featured on the ABC program “Extreme Makeover.” Although they received a four-bedroom house for free and were also gifted another $250,000 for scholarships and a home maintenance fund, the house is now scheduled for sheriff sale. The outcry […]

Psychology of Foreclosure — A Reflection on Financial Stress

Most financial hardships are especially troublesome from the perspective of the homeowners’ psychological stability. Couple the initial event like a job loss or medical disability with all of the potential effects like foreclosure or repossession, and it is no surprise that money troubles are at the top of the list of stress-inducing thoughts. With rising […]