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What is the main reason for foreclosure?

On Behalf of | Jun 1, 2023 | Foreclosure Defense |

A home foreclosure is a life-changing event for most people. You and your family can be forced to move out of your home with little time to prepare or find a new place to live. Or you might save your home (or at least get to sell on your own terms) after a lengthy and stressful legal battle. Either way, foreclosure is something that no Coral Gables homeowner wants to experience.

Unfortunately, life sometimes interferes with our plans and causes us to fall behind on mortgage payments. Events out of your control can transform your financial stability virtually overnight. Common experiences that often lead to foreclosure include:

  • Divorce. Divorce generally means splitting one household in two. If one spouse keeps the house in the property settlement, they often struggle to afford the mortgage on a single income. Miscommunication about who is responsible for the mortgage payments while the divorce is still pending can also put it in default if neither spouse takes care of it.
  • Illness. A chronic illness can get worse, or a sudden medical emergency can strike. Either way, your income and ability to work — and afford your mortgage — can take a huge hit.
  • Job loss. Most of us need regular income to afford our homes. Getting fired or laid off, or your employer going out of business, can quickly eat up your savings and leave nothing for mortgage payments.
  • Death. Losing your spouse is always devastating. But if they were the sole or primary breadwinner, the grief can be compounded by a serious financial crisis. The surviving spouse might be unable to secure full-time employment at a high enough income to keep up with mortgage payments in time to avoid the mortgage going into default.

Tough times can happen to anybody. It’s how you react to these difficulties that you can control. If you have been served with foreclosure papers or believe you are at risk, you can consult an attorney who practices foreclosure defense. They can advise you of your options for possibly saving your home.