The Emotional Impact Of Losing A Home On Foreclosure

However, hope might be on the horizon for the victims of the mortgage disaster of 2007/2008. Home buyers who were foreclosed upon years ago, or boomerang buyers, are beginning to be eligible to buy homes again. While some feel hope after feeling bamboozled by lenders and Fannie Mae and Freddie Mac, some feel anxious and fearful of the thought of buying again. Yet there are lessons that have been learned by the mortgage meltdown. Fannie Mae and Freddie Mac provided a lesson for the

Seeing other people reactions towards foreclosure helps me to develop a meaningful value of life and how to appreciate it everyday of my life. As I see what is going on around me I came up with three plans that can be executed to help all people who are dealing with foreclosure issues. This can become a major factor for the economy. One is called Own A Home , Financially Fit, and Bills To Kill. These are guaranteed plans that will help any individual that feels that they are not financially secured to become a homeowner. The Own A Home program is designed for aspiring homeowner in which they

As you can see there are many ways to spend using credit. There are just as many ways to build your debt and ruin your credit report. Lenders may end up repossessing things you have purchased and collecting the things you’ve placed on collateral and eventually causing you to file for bankruptcy if you cannot pay your debt. Debt can be useful

Bad credit reports can affect ones’ life in several negative ways. With a bad credit report and a low credit score, it is harder to receive a credit card, an automobile loan, a mortgage, or possibly a job. It is important that one is always aware of the credit decisions made. Paying bills late, maxing out credit cards, and filling out too many credit applications in a brief period will also have a negative impact on the credit report. To keep a good credit report, one should pay bills on time and apply for credit sparingly. Last, but certainly not least, one should check their credit report annually! A free credit report is available from each of the three credit reporting agencies each year. This is something one should take advantage of since it will help them judge whether they are managing their credit wisely. It is imperative that one keeps a good credit score. If not, one could miss out on many opportunities. For example, one may find an opening for their dream job that they are qualified for, but the negative credit report causes them to not get the job. Do not let this happen! Maintain a good credit report and opportunities like this will not pass by!

How to improve your bad credit over time, is by pulling your credit report. You can gain the knowledge needed to fix your problems. “Credit reports are available through one of the three major U.S. credit bureaus: Experian, Equifax and TransUnion. Because of a change of law in 2005, each of the credit bureaus must provide you with a free credit report once a year, through www.annualcreditreport.com (Woolsey, B., 2016).

Making mistakes when it comes to your credit is a lesson that many people learn the hard way. Constant phone calls, mail, and threats can make a tough financial situation worse. Either how well or how poorly you manage your debts and finances are available to creditors to see when you apply for credit, such as for a retail store card, or even an auto or home

Credit scores are numbers resulted from a statistical analysis of a person 's credit history. They represent the creditworthiness of that person. Credit scores are primarily based on credit report sourced from credit bureaus. Lenders use credit scores to a

The desire for home ownership is something embedded in our DNA. Claiming property and owning a house is a critical part of the “American Dream.” Home ownership represents more than just a place to rest your head at night. Your home is the environment that serves as a setting for your journey through life. It’s the place of your children’s first steps, family birthdays, barbeques, amongst many other significant events. Your home is the backdrop that describes you and your family. Although many American’s were financially hurt by the trillions lost in the home equity market during the housing bubble, there is and will always be a desire to own a home. The most vital part is that American’s who lost their homes during the crash, learn from their past, so that they do not repeat a foreclosure.

I often used to watch a show called “Extreme Makeover” where a team of builders would come to a neighborhood, build a need worthy family a beautiful new home, and then just give it to them. “Wow! What a lucky family,” I would say. “How fortunate.” However, as time went by, that same family would be in the news again. Why? The house was in foreclosure. The people had gone to the bank and taken out a mortgage against the home, then spent all the money they got for it on other things.

The economic crash of the late 2000s severely affected my family. We moved to Spanish Fort, Alabama while the market was up in 2005; when the market crashed, we could no longer afford our mortgage and the house wasn’t worth nearly what we owed. My parents were forced to file bankruptcy after foreclosure notices, and we were forced to move- a huge financial lesson learned. As a result of my experiences, I rarely loan any money, avoid all credit cards, and am currently only in debt with my college education. Even with income cut in half by my mother’s recent disability, my family has bounced back, and it wasn’t nearly as hard as most people would expect. It just takes a little management. The market for “boomerang buyers” is astronomical, and the real estate business is a huge market to buy into. If done properly, depressions are the best times to buy real estate, and it’s an idea time for those who can’t purchase property to rent until they’re capable of excelling.

The first important thing you should know is that your credit score plays a hug role in getting mortgage. All homebuyers must have a minimum credit score of 620 to qualify for mortgage loan. Your credit score also determines the banks risk factor. Banks and lenders see individuals with good credit score as low risk factors. Having a good credit score will often give you more options in lenders.

Renting to own can be a valuable solution to the boomerang buyer with tainted credit. The benefits far outweigh the other options for these buyers. During a 3 to 5 year period of renting a home, an individual’s credit can improve and open up possibilities of homeownership. This allows the potential homeowner time to prove they are reliable. Since a foreclosure stays on your credit report for 7 years the person is going to need a place to stay. With a “foreclosure” attached to their name they will not be able to hop into another house right away. This is the perfect window for someone to get his or her feet back under themselves while chipping away at owning another home.

For those who had the unthinkable misfortune to lose their home and go through foreclosure, it isn’t the end. In fact, if they still dream of becoming homeowners again, it can happen. It may take a while, years in fact, but it can be done. The first thing a potential boomerang buyer (previous foreclosure victim in the process of transition to own property again) should do is to be educated on the recovery process after foreclosure. Foreclosure doesn’t necessarily begin the day you pack up, move, and turn over your keys to the bank. Foreclosure could literally take years after that. A foreclosure is listed on your credit report for seven years. It may be listed longer, but it can really only be held against you for that long. However, this doesn’t mean you have to wait seven years or longer after foreclosure to purchase property again. The time you have to wait will largely depend on the lender, the type of loan and your credit.

As the saying goes, history repeats itself. The Great Depression is a time in American history that will always be remembered as a time of hardship in Americans’ lives. The goal: to never have such great oppression exist in the United States again. With the way the economy is headed today, many people are skeptical as to whether history will really repeat itself and create a new Depression. One of the biggest problems in the country today is the foreclosure crisis. Many Americans are living outside of their means or have lost their jobs and are unable to make their mortgage payments. When people can’t make their mortgage payments, they will lose their home and their family will be out on the streets. There are definite changes that need to

Brooklyn, NY – December 30, 2009 Foreclosures continue to rise drastically across the United States due to the recession, and have effected, and continue to affect thousands of families and individuals every day. One aspect we must take into consideration is that most people are not informed of what foreclosure means, or the process, even those who are homeowners. I believe that one step to preventing foreclosure is to educate first-time homebuyers. In addition, first-time homebuyer programs should not only assist potential buyers with financially preparing them to buy a home, but to keep the home once