Two days ago, there was a financial analyst speaking about the slump the real estate market is experiencing in many states. (It was on cable, I don't recall which channel). He explained how people are having a really hard time selling their properties and how they are having to work harder at getting buyers. I'm not surprised. Not long ago, I read an article on Yahoo about real estate agents that are offering plasma TVs as a bonus to buyers. Things have to be at an all time low, when people are trying to GIVE away such expensive incentives! Having such a bad real estate market leads many to an unsavorable end: foreclosure.
One of my closest freinds is a special education teacher. She has a two income household and are holding down two mortgages. She had tenants in one house, but they had a family crisis and moved out overnight. For several months, my friend and her husband paid two mortgages without financial strain. She is an excellent steward of the finances. Before the end of June, she was told her teaching position no longer existed. The program she taught in, had not produced sufficient numbers to continue to be funded. The program would be closed and she would be out of a job. That's when she felt the financial crunch of paying two mortgages. Their savings and emergency funds were being depleted. What would have happened if they had not been wise and saved? They would be in the same boat that many Americans are in now, fearing foreclosure.
After doing a search on Google for the term "foreclosure", I found very little help. One of the sites listed on the top of the search was a landing page for a product someone was selling. The other looked like a cleverly disguised "domain that was parked". Fortunately, there is a site that can explain the foreclosure process and the legal matters involved. The site is called GotTroubles.com. (Isn't that a clever name?) The site explains what the foreclosure process is like, helps you find an attorney and even provides resources. Learn about your rights and how you can deal with your lender.
Learn what you can do to help your situation. Foreclosure doesn't have to be the end of your credit. Learn how you can restore your credit rating and much more at GotTouble.com!
***For those of you that are wondering, my friend was just hired by another school. She will be starting in September. Unfortunately, she had to take a cut in pay that totaled over $20,000! This is what she told me. "Hey, having a job is better than not having one at all..."***