Re: foreclosure qustions???
Posted by NJDave on March 27, 2008 at 04:51:36:
In Reply to: foreclosue qustions???
Posted by Hector on March 26, 2008 at 16:20:51:
Once a borrower misses several scheduled mortgage or tax payments and is unable to bring the account current, the lender can foreclose which forces the sale of the home to repay the mortgage debt. Foreclosure happens to anyone (irrespective to race, age, etc.) who experiences a financial hardship and is unable to pay bills. Folks who don't have a financial safety net (friends, family, a secure job, health insurance, savings in the bank, etc.) are more likely to be foreclosed upon than those who enjoy financial stability. An estimated three million homeowners are at risk of, or in foreclosure.
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