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Facing foreclosure? Don't be caught unprepared

Posted by kim carpenter on August 31, 2008
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By Jean Chatzky contributor

You know this country is in the midst of a housing crisis. It’s been the headliner on the 6 o’clock news and the front-page story in all the papers. But, do you know why so many homeowners — about 250,000 every three months, according to the Mortgage Bankers Association — are facing foreclosure? More importantly, do you know what to do if you find yourself in a similar situation?

I know, I know. It’s not going to happen to you. I truly hope that’s the case. However, more than half of foreclosures are brought on by things you may not be able to control, particularly in this economy. The Homeownership Preservation Foundation found that about 32 percent fell behind on payments after a job loss. For another 25 percent, a health crisis brought on the situation. Bottom line: It never hurts to be prepared.


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