22Jul/100
Factors That Can Lead to Foreclosure
When a homeowner fails to make mortgage payments, a foreclosure may take place. This means that the homeowner loses all rights to their property. The bank or mortgage company then sells the property to recover their investment.
Because of the country's current economic struggle, foreclosure rates are higher than usual. People facing foreclosure are not necessarily those who have been lazy, irresponsible or careless with their money. Factors that often preempt a foreclosure situation often include:
- Job loss
- Divorce
- Family death
- Medical bills
- Subprime crisis
Duane C. Romanello - Jacksonsville Foreclosure Lawyer
1919 Blanding Blvd., Suite 8
Jacksonville, FL 32218
904-384-1441
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