Probably the largest purchase that an individual or family makes in their lifetime is the purchase of a home. This is due to the fact that the purchase price can run in the hundreds of thousands, a large downpayment is generally required and a legal contract is entered into.
Usually, the contract requires monthly payments or a certain period of time. Generally, that period of time can extend from 10 to 15 to 30 years.
Additionally, if the payments are late there is usually a penalty assessed and if the homeowner defaults on the contract, the home may enter into foreclosure. Therefore, it is important to know more about foreclosures and how to receive free foreclosure help.
Knowing About Foreclosures
A foreclosure is a traumatic and difficult event in which a homeowner loses their home back to the lending institution for failure to live up to the terms of the mortgage contract. Generally, being in default on a mortgage is due to the fact that the individual or family has ceased to pay their mortgage payments.
Often, this discontinuing of mortgage payments is due to a number of traumatic events that may have occurred in the family. Some of those dramatic events could be illness in the family, death, loss of a job, etc. In addition, another common reason why an individual cannot meet their mortgage obligations is due to the fact that the terms of the contract have changed. This often happens if the mortgage is an adjustable-rate mortgage or there is a balloon payment attached to the mortgage contract.
Therefore, because the “in process” home owner does not actually own the home, the lending institution, who is the actual homeowner until the mortgage contract is fulfilled, can foreclose on the family living in their home. This simply means that all of their payments and their right to live in that home are negated and they are required to leave that home within a certain period of time
What Is Free Foreclosure Help
Therefore, it is important to seek help before the actual foreclosure goes into effect. In addition, the best way to accomplish this is by seeking out free foreclosure help. This free foreclosure help not only provides good and solid information to the troubled homeowner, but is provided at no cost to the individual or family.
Some of those entities in one’s community that might provide free foreclosure help could include various not-for-profits who have been given grant monies to help individuals stay in their home. Often these not-for-profit entities have quality personnel who are on staff to help an individual work through and avoid a foreclosure as well as providing the service in a compassionate manner.
Another possibility of receiving foreclosure help is by taking advantage of federal foreclosure help. This federal foreclosure help is often free foreclosure help because the government, in order to stabilize the economy, wants to keep people in their homes and allow them to continue paying on their mortgage.