Death
The unexpected loss of someone within the household can have a dramatic effect on everything including the household finances.
Medical Emergency
The mental and financial strain of an unexpected illness can lead to homeowners getting behind on payments.
Adjustable Rate Mortgage
ARMs can help you save money in the early days of your loan by securing a lower initial rate but a rate increase could lead to you no longer being able to afford the payments.
Divorce or Separation
With unexpected legal fees and other financial burdens that come with divorce, many homeowners find themselves getting behind on mortgage payments.
Overwhelming Deferred Maintenance
Many homeowners find that the cost of maintaining the home is too much and choose to defer those repairs leading to major issues with the home.
Predatory Lending Practices
Predatory lending is any lending practice that imposes unfair and abusive loan terms on borrowers, including high-interest rates, high fees, and terms that strip the borrower of equity.
Excessive Debt
Homeowners with excessive debt may feel like they cannot afford to stay or leave the home.
Natural Disaster
Damage to your home can lead to expensive repairs or even needing to find a way to move out.
Job Loss
Job loss can result in immense financial stress. Reassessing your financial situation and leveraging any equity in your home is crucial.
Education
Below are links to the information you need to know!