The Foreclosure Series (Part 1): Find Out if You Are a Potential Foreclosure Victim

Have you started missing out on your mortgage payments? Are you one of those unfortunate people who has received a notice from your lender instructing you to contact them? Are you currently experiencing a hard time managing your finances?

If your answer to these questions is ‘Yes’, then you are a potential candidate for home foreclosure. Nervous already? Don’t be. There are ways to prevent it from happening. The first step is to detect if you are in the running to be a candidate.

Bear in mind that sudden changes in one’s life can trigger this occurrence. If you unexpectedly lost your job, got divorced, contracted a serious illness, or lost a spouse, you are most likely to be so stressed out and mentally- and emotionally-withdrawn. A common result of any of the three things mentioned above is the lack of sufficient financial resources, which then leads in failing to keep up with monthly payments such as mortgage.

Financial problems, whether caused by life-changing events or not, can eventually lead to foreclosure. You know that you are bound to be in hot waters if you are experiencing the following:

• Maximizing credit card use
• Using your credit cards to purchase things that you would normally pay with cash like groceries, utility bills, and other regular expenses.
• Falling behind payment dates
• Inability to pay in whole the purchases made using your credit card
• Getting new credit cards after the previous one has maxed out
• Selecting which bill needs to be paid first

All these things simply mean one thing: you don’t have enough (or no) money left you can use for regular expenses. And when you are in a situation where money becomes an issue, expect to find yourself in deeper trouble.

So make sure that you manage your finances properly. Remember, the road to foreclosure starts with irresponsible finance management.

Housing Assistance Network
A site that aims to help those who are in the low to moderate income brackets find financial assistance for housing, help in acquiring a new home, or grant programs from both state and non-government institutions.