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Wednesday, April 19, 2006

Most Common Events Leading Up To Foreclosure

Not much time this morning, so I just wanted to share this information from my website www.StopMichiganForeclosure.com

  • Loan Fraud: Sinfully over-inflated, pie-in-the-sky false promises of a mortgage broker who just wanted to make a buck (no matter what happened to you when their fancy pants financing scheme fell apart!)
  • The heartbreak of an unexpected divorce, and the accompanying financial devastation of trying to stay afloat both emotionally and financially. Besides, who wants to stay stuck in a house of pain?
  • Unforeseen medical problems or disabilities that drain every penny for treatments, medications, hospitalizations, and procedures. There's simply no choice between a pile of bricks and boards and your health, or the health of a loved one. But the banks don't care, and neither will the judge in your foreclosure proceedings.
  • The shock of unemployment when your job suddenly evaporates. You've worked hard day in and day out, but the "company bottom line" doesn't give a rip either. You're expendable, replaceable, and GONE for good from their payroll.
  • Tricky and deceptive adjustable rate mortgages that suddenly send your payments soaring beyond what's possible. Should you feed your kids three squares a day...or make an obscenely high mortgage payment and live on ketchup sandwiches?
  • Other predatory lending practices like grossly inflated appraisals so the lender can put you even deeper in debt or undisclosed or impossible to understand loan terms which caused your payments to skyrocket overnight.
  • Or a tragic event, such as the sudden death of a family member, accidents, or a diagnosis of a terminal disease.

Sometimes things are so far beyond your control, there's nothing left to do but try and pick up the shattered pieces so you can begin to recover and move forward.

Joel

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