Why All The Foreclosures?
Millions of Americans are going through the foreclosures process and it’s believed that 2007 & 2008 will result in the highest foreclosure rate since the depression. Much of it was brought on by overzealous lenders who lured borrowers into high-risk, teaser or also know as exotic loans containing low front-end payments that later adjust to much higher rates, thus yielding higher monthly payments.
For those looking to refinance their homes, the falling values of homes and reduction of available equity have pushed many homeowners into foreclosure and even bankruptcy.
Debt and Depression
Financial trouble is very hard to isolate, it’s is often initiated by the loss of job, injury or divorce. Keeping in mind that money trouble is temporary, it usually passes although it may feel that it lasts forever.
If you find yourself depressed, or feeling hopelessness, don’t wait to get help. If may be a good time to contact a healthcare professional to assist you through the crisis. If you or your spouse is talking about ending your marriage, take a deep breath and consider the consequences of such an action. It is never a good idea to make a life-changing decision in time of a crisis. Consider turning to an experienced marriage counselor, good friend, or therapist to help you through marital stress caused by the threat of foreclosure. It is a time to reach out for professional help and find emotional support amongst friends and family. You may be surprised of how many people understand and are supportive.