Foreclosure: The Top 4 Questions

On August 22nd, 2008, the Foreclosures Help resource website conducted a survey of U.S. residents who are either now in foreclosure or at least three months delinquent on their mortgage. The purpose of the study was to get a better understanding of the needs of people who are facing foreclosure. Below are the survey results, ranked in order of popularity from most to least.

1) What steps can I take to keep my home from being foreclosed upon?

The most frequent question that owners of homes consider regarding foreclosure was, of course, by what method they could stop said foreclosure. Commonly, the question was stated more precisely than this, for example, some respondents asked what actions they could perform in order to shield their house from the foreclosure. Others asked how they could keep their property, and still others simply didn't want the embarrassment of being evicted.

Whatever the reason they got behind on their mortgage payments, (including medical bills, loss of job, gambling problems, divorce, etc.) the lender's Notice of Default letter always comes as a jolting surprise to the homeowner. Perhaps they have allowed themselves to lose all hope, or live in a state of denial, but very, very few people in that situation are prepared and ready to fight to protect their homes. Declaring Bankruptcy or selling the house to an investor seems too extreme to them each and every time, and 100% of those surveyed were expecting somehow, justified or not, to be able to pay off their bills and get caught up soon. In fact, most claim that they could afford any one payment at the time of the survey, but none could afford to pay them all off at once, naturally.

2) How do I protect my credit Score?

Their credit rating is another thing that homeowners want to protect when they are in foreclosure. Everyone has been warned and scared by all the press and news on how a foreclosure will destroy credit ratings for 7 years or longer. While foreclosure can last just a few years, the impact on credit rating of the homeowner in foreclosure lasts much longer. In the meantime, the homeowners cannot get any loans for new properties or cars or even to rent even though they may have resolved their financial issues and are now making decent money.

3) What would happen if I filed bankruptcy?

Filing for Bankruptcy is something that the respondents only considered as the very last straw to keeping their property, but nearly 100% of them mentioned it. Unfortunately, all of them had many follow-up questions about bankruptcy, such as which kind of bankruptcy should they file for, is bankruptcy is worse for their credit record, and our favorite, who gets to declare the home during a bankruptcy when there is a divorce going on too. There were many such questions, all equally important.

4) Will my bank make a deal with me to buy back my home?

A final common question concerning foreclosure relates to the method by which they can make a financial institution agreeable to their goals. Generally, financial institutions can be difficult to work alongside while you are experiencing foreclosure. At times, financial institutions concern themselves with your troubles and attempt to negotiate an agreement with you, though jsut as often a lender files foreclosure without letting you know, and the police actually shows up at the trustee's sale in order to extricate you from your home. Worried about times like these, homeowners truly desire to be told the method by which they may cause a financial institution to concern themselves with their situation, and negotiate a solution fast.

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