The American economy is at its lowest right now. Countless people are losing their jobs and are unable to find work. As a result, many people are unable to keep up with their bills; including the mortgage payment. This has been causing the real estate market to fall to an all-time low. Although real estate sales have been decreasing throughout America, as a result, the number of foreclosed homes has been increasing rapidly. Many people end up getting into debt with their house payments. Unfortunately, the homes go into foreclosure and are sold in an auction; if they don't sell the home in the auction, the banks/lenders take ownership of it and try to sell it. Foreclosure is the legal process by which an owner's right to a property is terminated. This typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt. The home is then the property of the bank again. What caused this huge epidemic of home foreclosures? Will it keep getting worse? Is there ways to avoid it or recover from it? These questions run through my head and most likely concern the hundreds of thousands of people who own homes.
There are bank owned homes for sale everywhere. Many of them are decent prices, but right now most of us can't afford to buy a house. It's not just around here; homes around the entire United States of America are being foreclosed. Not much is ever made public about the actual foreclosure process or what exactly led up to this large amount of people losing their homes in foreclosure. However, it has something to do with a big scam a few years ago that included the banks. It turns out that the banks and brokers sold people homes and made it sound like a great deal, knowing that in a few years the buyers wouldn't be able to continue paying for it. They lied and still sold the homes anyway just for the money, of course. Why did these companies lie to the customer? Was there a benefit for them? Discovering the cause of this huge issue and figuring out some possible solutions is a must.