Unemployment Is The Main Reason For Foreclosures So Far In 2019
The Washington Post recently reported in 2019 that unemployment has been the primary reason for mortgages dropping over the past year and has been the primary reason for foreclosures. Over the past year, most people who are seeking assistance with their mortgages say unemployment is the primary reason for being late with payments and not being able to pay their mortgage. Those who blame subprime loans have fallen significantly and prime loans now account for a greater share of foreclosures than subprime loans.
Unfortunately, it is much more difficult to help those who have lost their jobs than those whose loans have reset at higher interest rates. Delinquencies due to subprime loans can often be fixed only by lowering the interest rate back down to the original level and going from there. However, delinquencies from unemployment can be a lot tougher since the owner’s source of funds are no longer there.
While there’s currently not much help for those who lose their jobs, there is hope as employment can fix the issue through receiving unemployment for the time being.
Unemployment can add to stress, lack of funds and lastly, a foreclosure. The main purpose for unemployment is that companies are looking for long term and often not short term in the upcoming years, which can make it more difficult for those looking for experience and not just a job for the time being.
So, it is very important for you to make sure that you are in a financially stable situation FIRST before qualifying and looking for home. As it goes, the first steps before buying a home is to make sure you have a steady income, save up money for down payment and then make sure your credit is good enough for you to qualify to buy a house.
We here at National Cash Offer have seen our fair share of foreclosures and if this is ever the case, we can also help you with selling your home so that this doesn’t happen again to you. We are all about second chances, and who says you don’t deserve one?