Not only are many of these folks losing their homes, they may actually be homeless as a result of their loss. This has to be a most stressful time on them and their families. No one knows the agony of losing a home unless they have experienced it themselves.
However, many times this unfortunate circumstance is because these folks have never been properly instructed in how to balance a checkbook or to track their finances in the most rudimentary of ways.
Bankrate.com did survey a while ago and discovered some terrifying news. Mr. and Mrs. Joe Six Pack rated a horrendous “D” in financial understanding. How is that for a modern education system for turning out young adults into the real world without even teaching the basics of home finances?
Maybe the Six Packs cannot learn all the laws of economics before they lose their home to foreclosure, but if they are serious about keeping it, they can stop mortgage foreclosure by taking massive and decisive action now. One of the fastest ways to stop mortgage foreclosure is by discovering how hundreds and even thousands have stood up to the “man” and kept their homes.
To make matters worse, most of them are too lazy to read the small print on their mortgage contract to know they are signing away their entire financial future. And if they are not too lazy they are totally ignorant of what the banks are capable of doing to them. In short, they are just plain too trusting of their finances with the money sharks of this country.
If it is taken one small step or large step further, depending on how it is looked at, these ignorant folks actually believe they can trust the banker to take care of them. This is like asking the fox to guard the hen house. When a young “green” couple walk into to buy new home all the bankster can see is dollar $ in his eyes.
Everything usually goes quite well as long as monthly payments are made. The minute the Six Packs find themselves in over their head or their finances have changed they panic and become like deer in the headlights of an on-coming car. They are frozen stiff and will be knocked for a loop financially if they do not realize they are about to be hit and start taking massive action to defend their home.
Mr. and Mrs. America will suddenly realize they are dead meat and will go straight into brain freeze mode. They will be paralyzed until the day they find themselves sitting in the front yard, still hoping for a miracle to save their home.
The real problem here is aside from not being properly educated it really easy to pull out the credit or debit card and buy any old thing, online or offline, it makes no difference. It is a whole lot different when a $100 bill is fished out of the pocket and watch it go bye-bye.
In order to stop home mortgage foreclosure, the homeowner must take action. Massive and decisive action, immediately if not sooner to prevent their home from ending up on the auction block down at the courthouse.
If the homeowner’s financial picture has changed or they think it is about to change they must contact the bank immediately if not sooner and inform them of the change and what the bank can expect to happen as result of the change.
Banks hate to be ignored, almost as much as they hate to not get their monthly checks in the mail.
All communication with the bank should be in writing. Things in writing tend to help keep even honest people honest. Memories have a way of fading.
It will not be work of joy, but someone has to do it. An accounting of all debts and payments must be done. A budget must be made and realistic adjustments must be made as required to get the bankster to take note of your ability to repay on a new schedule before they will consider making any kind of adjustment to the original agreement.
All of this must be done prior to contacting the bank an approval will not have a prayer of being approved.
Some important things to be considered by the Six Packs, every bill and expense must be examined to see where it can be trimmed back or eliminated. When facing foreclosure, it is no time to let the wants over rule the needs. Every angle must be examined and scrutinized to find a way to cut down on the outgo and/or increasing the income. Maybe a home business would be in order. Or the selling off the extra vehicle or maybe a part time job. Nothing is sacred when it comes to putting a stop foreclosure.
If massive action is not initiated immediately when finances change the home will probably be lost to the foreclosure process.
It may be a painful thing to have to work through the process, but will be nothing compared to the humiliation and devastation that will come as result of losing the family home. Family and friends will think you are a dead beat and loser and you will face with those you thought were your closest allies.
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