You have kids, work hard at your job and didn't expect to struggle with your health. Unfortunately, because you have had to finance so much lately, you haven't had the money to provide payments on your home. What can you do to avoid going into foreclosure now that you've missed several payments? Here are two possible ways to stop the foreclosure process and get back on track.
Business people all throughout Minneapolis know that wins and losses are all part of being in the corporate world. Sometimes investments and business strategies pay off well and in other cases a decision may lead to lost revenues for an organization. One area of business planning that can increase or decrease the wealth of an organization is how it utilizes its commercial real estate. Commercial real estate can be considered an asset of a business or organization and when it is disposed of those losses or gains can be relevant to the organization's tax obligations.
It is often the case that when a Minneapolis business or resident seeks to buy real estate it has to do so with some level of financing. Financing can come in the form of a mortgage or other lending device that extends credit to the buyer and for which that buyer becomes liable. Generally, as long as the buyer maintains the payment schedule on the lending device most problems will be avoided. However, when a buyer falls behind on his payments he may face legal consequences.
Despite a recent uptick in prices, many homeowners who bought their homes a few years ago are still in tough shape. The market fell so far so fast, the economy has stayed so sluggish, that large numbers of Minnesotans still face foreclosure or are in need of mortgage modification.
In the last seven years, an average of nearly 20,000 Minnesota homeowners per year have lost their houses to foreclosure. Many more are still behind on payments and facing tough decisions.
The housing meltdown has exacted severe pain in the Twin Cities and across the country. Though the federal government has tried to respond with some relief, those steps have not always been enough for homeowners struggling to keep their homes out of foreclosure.
Homeowners are still hurting in the aftermath of the Great Recession and the real estate downturn that went along with it. In the Twin Cities area and across the country, many homeowners are underwater on their mortgages. Others are not only underwater, but behind on their payments and facing foreclosure.
The real estate slump has been tough all over the country. Prices have dropped, foreclosures have mounted, and there's been plenty of pain to go around.
The real estate market remains very challenging in most parts of the country. According to the New York Times, 14.6 million homeowners are "underwater" - owing more on their homes than those homes are worth in today's market.
Don't be deceived by a brief lull in the foreclosure storm. With perhaps one in three American homeowners underwater on their mortgages, the steady stream of foreclosures isn't likely to end any time soon. Especially when the overall economy is this bad.