We have all watched the news clips about the increasing number of bank foreclosures. Nevertheless, those of us who don't face the threat of losing our homes rarely consider how horrendous bank foreclosures are for those families that live through them. If the mortgage lender forecloses on your property you won't just lose your home. The foreclosure will stay on your credit report for seven years, making it impossible to secure a loan of any kind for that duration of time.
Bank foreclosures are so distressing that they can tear families apart and even lead to tragedy. The video above documents the disturbing story of a woman who took her own life on the day the foreclosure auction on her property was to take place. She faxed the mortgage company telling them of her intentions and they sent the police to her home but it was already too late. This woman’s story is just one example of how desperate the prospect of foreclosure can make people feel.
If you're worried that you won't be able to make a mortgage payment, contact your mortgage provider immediately and tell them about your concerns. They may work with you to find a solution that allows you to keep your home or at least avoid the foreclosure process. Ideally you should let your mortgage provider know that you have a problem before you miss the first payment. The sooner you communicate with them the more likely it is that they will be able to help you stop foreclosure and the emotional distress that comes with it.