When some people think of foreclosure, they instantly think the homeowner took on too much debt and didnít pay the bank what was owed on their house. But there are actually many reasons why a Baltimore County home can go into foreclosure and why selling the house before it gets to that point is the best option for both the bank and the owner.
Loans that are made to high-risk borrowers that have little chance of keeping up the payments could be one of the main contributing factors in foreclosures. During the 2008 recession, these loans were given out to generate big profits for the banks with fees and by selling the mortgages to investors as money makers.
One of the biggest reasons a Baltimore County homeowner could have their home foreclosed on is because of unemployment. Losing your job is an extremely hard situation to be in. You have worked all of your life to obtain a home of your own but within a few months, it could all be taken from you. Although there are assistance programs for unemployed citizens, these benefits are often used to make utility payments and to buy the necessities instead of house payments. Unfortunately, this could mean foreclosure if you are unemployed for more than a few months.
Issues in your personal life can also mean your home falls into foreclosure. These personal issues could range from illnesses to addictions to divorce. Illnesses can lead to homeowners or their family members being out of work and having to pay a lot of money in medical bills. These bills can drain family resources until they are unable to pay their mortgage. Another factor is an addiction. Whether it is substance abuse or gambling addictions, these illnesses can lead to spending all of your savings on your addition without thought of paying for your home. Divorce is an extremely hard and long process and can certainly put a strain on finances and emotions. Couples can either decide to sell their house before settling the divorce or one partner can choose to stay in the house. Either way, the house could end up in foreclosure because of finances and resources being spent on it.
If you see yourself heading down the path to foreclosure, donít ruin your credit. Call The Team Edge for a free no-obligation quote. We will buy your home with a cash, no-hassle offer that will leave your credit and self-respect intact. For more information on our foreclosure program, call The Team Edge Properties today!
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If you need to sell any type of property in Maryland, call The Team Edge. †At The Team Edge, weíre dedicated to providing you with the best possible home-selling experience in the fine state of Maryland. Call our 24/7 hotline today at 443-840-7100 or fill out our quick and easy†online application†to get started on selling your Maryland estate property immediately. No matter the state of the estate, The Team Edge is here with a fair price and fast service. Thatís right. Sell your house quick, as-is with the Team Edge!
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