There are many challenging situations homeowners could face in connection to the mortgage on their home. One is having an underwater mortgage. This is when a home’s value is less than the amount still owed on the mortgage. The struggles that can go with being underwater when it comes to a home are among the things that can lead to homeowners facing foreclosure.
It appears that financial struggles remain common among Americans lately.
College tuition costs are very high these days. So, helping children pay for college can be a major financial endeavor for families. Recent research indicates that among the things the financial stress from this endeavor could expose families to is an increased foreclosure risk.
Foreclosure is a very troubling reality for many homeowners. Unfortunately, for various reasons people end up losing their homes. But you do not have to be in that group.
A look at the trends in data over the course of the last 10 years suggests the worst pains of the Great Recession are over. A widely available graph of new foreclosure filings shows that they spiked in 2010 in Leon County, but have steadily declined since then. As we work through 2018, however, some real estate watchers observe that filings are starting to creep up again.