The Root Causes Of Foreclosures by real estate expert Craig Summers
At one time there were two main causes for foreclosures in our country. We are going to discuss these causes and see how it affects the real estate and banking industries.
The two main causes that originally brought about a foreclosure event were divorce and failed businesses. The bigger of the two is divorce and it is usually based on the departure of the husband.
Failed businesses are the second commonest cause for foreclosure in . Often times, the homeowner has been swamped with debts and has either refinanced or gotten second or third mortgages in [Profile.market. Unfortunately in these cases, the only available avenue for the bank to take is to foreclose on the house in .
In our country today, the state of the nation has caused a horrendous amount of foreclosures. Layoffs and major companies going bankrupt has caused people to get behind in their monthly payments and not able to catch up.
In previous years, a lot of people were able to avoid these problems by doing such things as refinancing their homes, sell their homes, or get a consolidation loan. When they combined their debt they were often able to get one lower payment.
Unfortunately, today the debt is a lot higher than what a home is worth and the only option is foreclosure. This has brought about a huge amount of homes in that are either sitting empty or are now owned by the banks.
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