FORECLOSURE

It is every family’s nightmare to receive a notice of default and no words can explain best what a family goes through when they lose their homes to foreclosure. For starters let us define foreclosure; foreclosure is the process of taking possession of mortgaged property as a result of failed mortgage payments.  Sometimes people with mortgagesto re-pay fall so far behind in paying their mortgagesthat the lenders have to repossess the houses and then sell the house to recover their due amount. As much as we might dread to think about it leave alone talk about it, a lot of people lose their home through foreclosure every single day. According to the government reports in 2011, 257,664 families and individuals received notices of default which is like the first step in the foreclosure process.  Out of that number a whopping 155,000 California homes lost their houses.  This number is expected to increase in the year 2012 as the economy gets tougher. That is a lot of people loosing homes in an year.

This is really depressing to says Rob Rose Danville,  just knowing that most of us cannot sleep comfortably at night but we have to stay awake worrying about losing our houses. As much as we are happy to pin all our problems on the economy, which I agree has really deteriorated over the past few years, we are also to blame for the closures. Reports have shown that 30% of all home owners with a mortgage are in the verge of losing their homes because the mortgage due is way more than the value of their homes.

Rob Rose Danville explains, most houses lost due to foreclosure are sold at a much lower cost sometimes as low as half the value of the house. In 2011 about 118,000 houses where sold through short sales meaning any deficiency was the liability of the original home owner.

As life would have it, one mans misery is another ones blessing. Foreclosures are the best way to go when it comes to investing in real estate or for someone wanting to acquire a house. They are sold at a lower price compared to the original market value of the property. This means that there is a lot of gain and profit to be gained if the business is done well in terms of predicting the market trends. Success in life involves making use of any opportunity that presents itself.

If you are a home owner paying mortgages, or repaying a financier or lender, make sure you pay your dues on time and without fail. Or you might find your self being served with foreclosure and someone else will be smiling all the way to the bank.If you want information on the foreclosure process or want to short sale your home, Call Rob Rose Danville.

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