Buying a home is an exciting and important milestone for many people in Tennessee. However, when money gets tight, the dream can sometimes turn into a nightmare as people struggle to make their mortgage payments. Finding a way to keep their home then becomes a top priority for many people who are burdened with large amounts of debt.
Being foreclosed on is something that no Knoxville homeowner wishes or expects to happen. But for many people in Tennessee, foreclosure is an unfortunate reality. According to a new study, your gender may actually play a role in whether you are at risk for ending up in foreclosure.
Nearly everyone goes into buying a home expecting the best. But in reality, many homeowners in Tennessee find themselves behind on mortgage payments and facing the prospect of their homes being foreclosed on. Being contacted by or hearing about a company that offers to help solve mortgage debt problems may give people hope. However, some of these companies are not legitimate and homeowners may even end up worse off after all is said and done.
If you are behind on mortgage payments for your home in Tennessee but would like to avoid having your home foreclosed on, you do have some options. One such option is a short sale. You may have heard the term before but are unsure what it means.
The overall outlook for foreclosures is improving all over the country. According to 24/7 Wall St., in June 2015 the total number of homes in foreclosure throughout the United States was 507,000. That number has dropped more than 25 percent, bringing the current total to 375,000. This decrease in foreclosures, along with a rise in home prices, may indicate that the housing market is strengthening.
After the housing bubble burst in the mid-2000’s, regulations were put in place that allowed mortgage borrowers to take advantage of certain protections against foreclosure one time only over the lifespan of a loan. New rules have now been approved by the Consumer Financial Protection Bureau which would expand those protections and further protect homeowners from wrongful foreclosures, according to NBC News.
Getting a fresh start from debt obligations is one of the top concerns voiced by our new clients. Yet a bankruptcy filing offers much more, including a host of protections.
Homeowners in Tennessee may be able to breathe a sigh of relief. The numbers are in for the first quarter of 2016 and based on the continuing overall decline in foreclosures, some expert are speculating that the housing crisis is coming to an end. According to Bloomberg, March numbers showed the lowest number of properties in active foreclosure since October 2007. There were 631,000 foreclosures in March, representing a drop of 24,000.
Having their home foreclosed on leaves many Tennesseans feeling downhearted and pessimistic. However, just because someone goes through a foreclosure does not mean that his or her financial future is ruined or that they will never be able to buy another home.
It looks as though the housing market in Tennessee continued its upward trend toward improvement in 2015. The ratio of delinquent home loans to total loans and the foreclosure rate went down compared to the 12 month period prior. According to the Chattanooga Times Free Press, only one in every 112 properties in Tennessee had at least one foreclosure in 2015.