Foreclosure ... Now What?
What is foreclosure? How does it come to be? What are the options for those who find themselves in this serious predicament?
The mention of foreclosure gives the understanding that a bank loan for a home has been received. The monthly payment, which includes home owners insurance, property taxes, and interest, cannot (for whatever reason) be paid as promised. The bank acquires an unwanted house and the buyer receives nothing but a frighteningly painful ding in his credit.
What causes the predicament of a foreclosure? With the assumption that the buyer was actually qualified to receive such a large loan... or perhaps this should be addressed. Some people shouldn 't receive a huge loan in the first place. …show more content…
Its a good system if its not interfered with. Too many rules and regulations are placed on businesses and before you know it they are forced to lay people off. Without jobs people can 't pay their bills and they feel incredibly worthless. We are meant to contribute, to give, to be an asset to the society we live in. A rock bottomed economy can and should only go …show more content…
Be willing to think it through and not rush into a purchase. Things like what the home will actually cost with interest, would be something to take into consideration. Having a secure job and being able to pay extra each month towards the principal would be a helpful and wise way to go. Homes need to be maintained. All these things and more need to be taken into account. It can be done effectively when there is determination, diligent effort, and careful thought out planning and counsel. "Where no counsel is, the people fall: but in the multitude of counselors there is safety." Proverbs 11:14 Another verse to give heed to is Proverbs 22:7 "...The borrower is servant to the lender." The lender, the bank, expects the buyer to pay what he owes with interest as an ethical business deal. I wonder if they consider the ethics of lending and charging so much interest. There are verses that say "put not out your money to usury" (interest) Psalms 15:5. Since interest seems to be the way loans are given however, a fixed rate would be the way to go rather than a fluctuating interest rate. Refinancing at a later date when rates are lowered can be a good option too. So much is to be considered. Its important to be well educated and heed wise counsel when it comes to home purchasing; and to take it seriously so you can succeed and also assist
What is foreclosure? How does it come to be? What are the options for those who find themselves in this serious predicament?
The mention of foreclosure gives the understanding that a bank loan for a home has been received. The monthly payment, which includes home owners insurance, property taxes, and interest, cannot (for whatever reason) be paid as promised. The bank acquires an unwanted house and the buyer receives nothing but a frighteningly painful ding in his credit.
What causes the predicament of a foreclosure? With the assumption that the buyer was actually qualified to receive such a large loan... or perhaps this should be addressed. Some people shouldn 't receive a huge loan in the first place. …show more content…
Its a good system if its not interfered with. Too many rules and regulations are placed on businesses and before you know it they are forced to lay people off. Without jobs people can 't pay their bills and they feel incredibly worthless. We are meant to contribute, to give, to be an asset to the society we live in. A rock bottomed economy can and should only go …show more content…
Be willing to think it through and not rush into a purchase. Things like what the home will actually cost with interest, would be something to take into consideration. Having a secure job and being able to pay extra each month towards the principal would be a helpful and wise way to go. Homes need to be maintained. All these things and more need to be taken into account. It can be done effectively when there is determination, diligent effort, and careful thought out planning and counsel. "Where no counsel is, the people fall: but in the multitude of counselors there is safety." Proverbs 11:14 Another verse to give heed to is Proverbs 22:7 "...The borrower is servant to the lender." The lender, the bank, expects the buyer to pay what he owes with interest as an ethical business deal. I wonder if they consider the ethics of lending and charging so much interest. There are verses that say "put not out your money to usury" (interest) Psalms 15:5. Since interest seems to be the way loans are given however, a fixed rate would be the way to go rather than a fluctuating interest rate. Refinancing at a later date when rates are lowered can be a good option too. So much is to be considered. Its important to be well educated and heed wise counsel when it comes to home purchasing; and to take it seriously so you can succeed and also assist