Foreclosure Is A Sad Development

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Foreclosure is a sad development in our depressed economic conditions that we face in the United States today. Decent people, who for one reason or another, that once could afford their homes now unfortunately cannot. Due to circumstances beyond their control they lost control financially and momentarily overextended themselves and their financial ability. This does not have to be their proverbial ‘swan-song’. Committing financial ‘suicide through filing bankruptcy can only compound their troubles, making their matter worse for a minimum of seven years. Home buyers must have a plan to succeed in becoming a homeowner. Yogi Berra stated “If we fail to plan, we plan to fail.” Planning for owning a home is not just a matter of…show more content…
Buyers with a checkered past can take best advantage of desirable real estate market conditions by having a better than average down payment on the next mortgage they wish to undertake. If they go into their new situation with a stake [higher down payment than the average] to lose this will demonstrate to their perspective financiers that they may be less likely to fall behind in the new deal. They may also consider purchasing points, rent-to-own options that will show their willingness not to lose another home. The eventuality that they will fall behind is a possibility if the market remains unstable, but if they have something to lose rather than just ‘time served’ this could make them a more acceptable risk in terms of financing. Do not waste your time on get out of debt easy scams. Businesses that offer services promising to get you out of debt easy are businesses. The have to make money too. There are many plans and programs offering debt management that are less than scrupulous and one must be careful when considering them. Committing to the wrong plan or program can land you in a larger problem financially than you were in in the first place. If something like getting out of debt easy sounds ‘too good to be true, it is too good to be true.’ Do not be too willing to buy a house. Shop around, consider talking walks in neighborhoods you may be interested in. This is a great way to avoid the lemon
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