Why a Pending Real Estate Foreclosure - Checkout our Road Map to Stop a Foreclosure

Why a Pending Real Estate Foreclosure?

Aside from those homeowners who intentionally set out to commit mortgage fraud by not making a single mortgage payment, many homeowners who go into foreclosure typically end up there due to an event or series of events. These events include:

1. ARM Mortgage Payment Adjustment – Some homeowners bought homes with a adjustable rate mortgage figuring the payment would never increase to high. The backup plan was refinance if the payment adjusted to high. The problem here is most homeowners were not prepared for the real estate market to drop so suddenly. Mortgage payments increased and ended up consuming to much of the income.
2. Job Loss – With unemployment so high and many homeowners having difficulties finding a new job, many homeowners just simply had a bare bones income that didn't cover paying the mortgage.
3. Reduced Income – Some homeowners who managed to keep their jobs, had their income reduced. The reduction of income made paying the mortgage difficult. Some homeowners tried to sell, but couldn't sell their homes for what they owed.
4. Illness – Maybe not surprising, but illness and medical bills is the #1 reason why many homeowners have been heading to foreclosure.
5. Business Failure – The economic fabric of this economy has been running off of small businesses. Many small businesses have failed in recent years. A homeowner who has faced a business failure may also have problems paying their mortgage.
6. Damage to Property – Some owners have extenuating circumstances that created an unusually high amount of damage to the home that was not covered by insurance.
7. Death of a Wage Earner – With the death of a wage earner, the mortgage payment may get neglected if a plan was not in place.
8. Inheritance – Although this is not common, I have seen some homeowners who have received homes through an inheritance lose them to foreclosure because they were not able to pay the taxes or the mortgage payment.
9. Divorce – Divorce is a common reason for many homeowners to lose their home to a foreclosure.
10. Job Relocation – Homeowners who have been relocated and can't keep up two households may end up losing a home to foreclosure.
11. Too Much Debt – Plain and simple, if debt is higher than income, a foreclosure maybe imminent.
12. Incarceration – Homeowners who have been incarcerated may lose their home to foreclosure.
    
    
    
    
    Checkout our Free Report: “ Road Map to Prevent a Real Estate Foreclosure.” Go to: http://StopForeclosure.DowellTaggart.com

Need help preventing a real estate foreclosure, contact the Dowell Taggart Team at (913) 712-9313.

We have helped homeowners in many of the cities in the Kansas City Metropolitan area including: Gardner, Olathe, Edgerton, Spring Hill, Overland Park, Leawood, Lenexa, Prairie Village, Shawnee, Mission, Basehor, Lansing, Leavenworth, Platte City, Gladstone, Liberty, Lee's Summit, Pleasant Hill, Raymore, Gardnview, Belton, Raytown and Kansas city.

RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

Comments are appreciated! Go ahead and add your 2 cents . . .
We have 3 easy steps to find you the perfect home . Click here to get started, today!

Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.

Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill
Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview,

Raytown, Waldo and the surrounding Kansas City communities.