Foreclosure : Losing Your Home And Rebuilding Your Life

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Foreclosure: Losing Your Home and Rebuilding Your Life The best approach I can take to this topic, I believe, is personal experience. In 2005 I became a widow with four young children and no home. I took my husband’s modest life insurance policy and put $12,000 down on what I thought would be our home until my children graduated and went on to live their own lives. After a year of paying a modest mortgage payment in the state of New York, my mortgage suddenly went up over $400 a month and I could no longer afford the payments. For three months I called every refinancing company, every home loan company and any other resource I knew of at the time, in an effort to save our home. Because I was on a fixed income and had gotten behind in my mortgage payments no company would touch a refinance unless I could bring it up to date. I put my house on the market for a much lower price than I was paying for it and after another three months when it didn’t sell I was forced out of my home. I felt like a failure. I had wasted what little money I had received and had nothing to show for it and now had bad credit following me. I moved back to Tennessee where my husband and I had lived for the past 25 years. Renting was the only option to me. For the past nine years I have rented, moving for one substandard home to another, with landlords that refused to fix major issues: air conditioning, plumbing, windows, and the latest; sewage. After all this time I decided that it was time to try

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