Is your family at risk of foreclosure? These days, it seems like no one is immune. If a $19.5 million home in the posh Hamptons is under foreclosure, chances are, your own property isn't any safer.
Not only can foreclosure leave you homeless, it can also impact your credit report for years to come. Naturally, the best way to prevent foreclosure is to be very, very careful about the sort of mortgage you take on. Think realistically about what you can afford, and be cautious about variable rate mortgages that can start out low and quickly escalate into the danger zone.
Foreclosure prevention isn't impossible, and finally, state attorney generals are taking action to help individuals secure stable housing in an unstable market. Read about their efforts here.
While home ownership still beats renting as a better option for those concerned with having a secure financial future, people with inconsistent incomes and small budgets may benefit from continuing to rent rather than taking on a mortgage. There will always be time to buy in the future, but once you end up with a foreclosure on your record, you're sunk.
Emily @ 12:18 | comments(0) | Permanent link
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