Reasons People lose their homes through Foreclosure/sheriff sales.

Jump to Last Post 1-8 of 8 discussions (10 posts)
  1. profile image49
    rossiterdeborahposted 9 years ago

    Did you know that most people that lose their homes to foreclosure is a result of mismanagement?  The second is Marital problems that result in seperation and divorce.

    1. AEvans profile image78
      AEvansposted 9 years agoin reply to this

      I tend to disagree with you on the first one and after reading your profile I wonder if your hands were in the mess too!!! It is going to be a long road back for so many who are mortgage brokers etc. as what has happened to our economy and our home prices has left a bad taste in many of our mouths.

    2. Sufidreamer profile image82
      Sufidreamerposted 9 years agoin reply to this

      It might have been because they employed a really poor mortgage mitigator wink

  2. profile image47
    realestateproposted 9 years ago

    I am a real estate investor who buys distressed homes, many of them foreclosures, repair them to doll house condition, and retail them. My last house I sold only stayed on the market for 18 days. I have a brand new hub that answers all questions related to buying, fixing and flipping for profits. My business is still doing well. People are still buying nice homes that are priced below market value, mainly because this is the best time in over 30 years to buy a home. Values are down considerable and mortgage rates are at almost all time lows.sixty percent of all the current foreclosures are in four states. I promise the sky is not falling.

  3. Lisa HW profile image69
    Lisa HWposted 9 years ago

    If you say "most" I'm not in a position to argue that point; but I do know that a lot of people who lose their jobs can end up losing their homes too.  Also, someone facing a lot of medical bills not covered by insurance can end up in the same boat too.

    I think people have to be careful about assuming things, even if a lot of people lose homes because of mismanagement.   It may feel safer to assume "it won't happen to me because I make sure money is managed well; but it's not always that simple.

  4. The Misty Rose profile image53
    The Misty Roseposted 9 years ago

    For a while though (at least of what I knew, being in the West Coast Florida market)  There was so much inflation on property pricing.  Underwriters let a lot of loans through for people, when it was clear that they could not satisfy it.

  5. Lisa HW profile image69
    Lisa HWposted 9 years ago

    They did.  I think, though, part of the "mismanagement" was that some people felt pressured to buy homes before the prices went up any higher.  They did take the gamble with an adjustable rate mortgage, with the idea that they'd refinance later.  In the meantime, the adjustable rates went beyond what they could handle.

    In fairness to those people, though, some knew that both rents and mortgages were going up.  Everyone always hears, "don't throw your money away on rent; put it into equity" - so a lot of them thought the wisest thing was to take the gamble on the ARM (after all, it had worked out for other people).  (By the way, I wasn't one of those people - so that's not why I'm defending them.  smile  )

  6. profile image47
    realestateproposted 9 years ago

    You're exactly right. By far the biggest problem was the sub-prime mortgage companies making so many NINA ( no income no asset) loans. They would make loans without requiring the applicant to provide proof of income. A lot of these loans were also 100 per cent financing, so the borrower had no skin in the game. The poor, or non-existent oversight of Fannie Mae and Freddie Mac was also a large contributor. No doubt some people have lost their homes due to job loss, but the incompetance of some of the lenders is by far the most dominant culprit.

  7. ShortSalesMVP profile image60
    ShortSalesMVPposted 9 years ago

    Most people lose their homes because

    1) bad things happen to good people

    2) folks fail to contact their lenders not knowing that they have options.

    3) they ignore the problem, in foreclosure the further you fell behind. the harder it will be to reinstate your loan and the more likely that you will lose your home.

    4) they do not prioritize their spending,
    After health care, keeping your house should be your first priority.  Review your finances and see where you can cut spending in order to make your mortgage payment.  Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

    5) State of denial most folks facing foreclosure tends to be in a state of Denial, that is something those homeowner can't afford in this Real estate Market.

  8. bgamall profile image84
    bgamallposted 9 years ago

    The reason people are losing homes is that the loans written were doomed to failure. They were loans that were not based upon sound underwriting but rather loans based upon the greed of wall street. They took the loans, labeled them aaa, and lied and sent them all over the world to unsuspecting investors who now will not buy those bonds.

    Foreclosures are going to hit big starting now and going through 2011.

    If there is a functioning and robust banking system after that I will be surprised.

 
working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)