What El Paso Home Sellers Need to Know About Foreclosure
Losing a home is a painful experience. Sadly, homeowners today are at a greater risk of losing their home. With an increase in home prices but a minimal increase in the hourly wage, keeping up with mortgage payments is not an easy task.
When a homeowner is unable to make consistent payments on their mortgage, the owner is at risk of losing the property and the home will likely go into foreclosure. Not only does failing to pay negatively impact a homeowner’s credit report, but it also puts families out of safe, reliable shelter.
Most common reasons homes go into foreclosure include:
Financial issues. Life can take us through obstacles we could have never imagined, much less planned. When unforeseen events happen, we often get pulled in different directions and have to decide which bills get paid first. Given the high amount of a mortgage payment, people tend to neglect this bill the most because they simply cannot afford to pay it in full.
Negative Equity. If a home’s value falls much less than the mortgage, homeowners are simply unable to keep up. Many times homeowners give up altogether and stop making payments. Thus, homeowners become susceptible to losing their home.
Fraud. Lenders or borrowers have been known to make fraudulent deals. The harsh reality of these types of deals is that homeowners can be forced out of their home with minimal notice.
Unemployment. One of the leading reasons for foreclosure is unemployment. After losing a job and having to rely on unemployment benefits, residents find it extremely difficult to keep up with bills causing them to fall behind or avoid making payments. Mortgage payments easily slip and homes are lost before homeowners even get the opportunity to get back on their feet.
Personal Reasons. Life events can force individuals and their families out of their home. It is never an easy decision, but for personal reasons, such as needing to get out of an abusive relationship, getting out of your home could be the next step for security.
Do You Have to Sell Your Home?
To avoid the risk of losing your home, it may be necessary for you to sell your home or seek fast financial assistance. If you take action early, you can avoid worse repercussions down the road. You may be able to sell your home and completely avoid foreclosure.
How El Paso Cash Home Buyers can help you.
If your home is already in foreclosure, that’s okay – we can still buy it! Contact us today to find out how we can take the home off your hands. We can be reached any time of day at (915) 229-8974. Remember, it’s always best to act early!