What is a foreclosure?
Foreclosure occurs when a homeowner loses the right to his or her estate after failing to pay the mortgage for an extended period of time. The right to that property is then given to the lending institution to enforce the homeowner to pay the outstanding debt owed to the company.
Common causes of foreclosure: 
- Unemployment
- Divorce
- Death / Illness
- Increase in mortgage payments
- Increase in taxes
- Negligence
- Financial Instability
How to avoid foreclosure:
- Make a budget for yourself, including your monthly mortgage payments
- Know the rights you have under your mortgage
- Don’t ignore the problem and contact your lender immediately
- Talk to a HUD-approved counselor or go to LoanMod.com for expert advice
- Negotiate a short-sale with your lender
What is a short-sale?
A short-sale is when a lender allows the property to be sold to another buyer for less than the initial mortgage rate. This can be beneficial to both parties involved, because the borrower avoids the devastation of foreclosure or bankruptcy, while the lender still receives a large portion of what was owed to them. There are bargains everywhere!
Financing a foreclosure home
In the situation where the foreclosure is carried out, the property will be put on the market and sold as-is, at a much less expensive price. Financing for these homes is made easy with the help of an experienced agent and a financial institution willing to lend you the money to purchase your new home.
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