229 National Financial Literacy Month - Day 22 - Mortgage Foreclosures & You

The Great Recession that took place in 2007-2009 was more
devasting than any time in American history. Home foreclosures
are lower than they've been in nearly a decade. While that's
certainly reassuring, the U.S. is still averaging more
than one million foreclosures each year. 


In 2021, the share of housing units with a foreclosure filing was
0.11 percent. Foreclosure results when a homeowner fails to pay
their mortgage payments on time, so the lender evicts them from a
said property and takes control of it. The foreclosure rate
reached its peak in 2010, just after the financial crisis of
2007-2009. Since then, the rate has steadily fallen. As the
coronavirus (COVID-19) unfolded, the government imposed a
foreclosure moratorium, a mortgage forbearance program, and
mortgage servicing guidelines which was the reason for the low
rates recorded in 2020 and 2021.


If you're the owner of a property that's facing the prospect of
foreclosure, it's critically important to take immediate action
to rectify the situation. Ignoring the situation - or reacting
too late - is the worst possible course of action. Banks do not
want you to default on your house, so workarounds are provided,
thus it is important to open up lines of communication with your
lender.


If you miss mortgage payments over a 90-day and or three-month
period of time, you will be receiving notices from your lender,
do not ignore the information you receive. Reach out to your
lender, contact a counselor at the Department of Housing and
Urban Development and work out a loan modification, repayment,
and or refinance your property.


Facing a foreclosure is one of the most difficult
experiences any homeowner can endure. By taking early action to
address the situation, you can put yourself in the best possible
position to save your home - or at least walk away with minimal
damage to your credit score.


Discover more about Paul Lawrence Vann's digital Financial
Fitness course, it is being offered at a 50% discount throughout
the month of April, National Financial Literacy Month, here is
the link:  https://bit.ly/3dbperG