As a foreclosure attorney of Sulaiman Law and Associates in Illinois, Ahmad Sulaiman has symbolized many homeowners who could no more afford to pay off their lenders because of the current state of the economy and housing market. And according to him, one from every nine homes in the us is vacant because the homeowners could no longer pay their loans and their homes went into foreclosure.

If it is not happening to you, then you have at least found out about the current housing marketplace crisis and the thousands of individuals who are dropping their homes every year. Running a home doesn’t appear to be always a new trend. Our parents, grandparents, and even great grandparents all possessed homes before we ever even considered the option successfully.

Lenders reduced their guidelines. In fact, many of these homeowners never should have been approved for the types of loans these were taking out in the first place. And as we have now are seeing, this increase in financing has finally caught up to us. As a result, increasingly more families are left struggling to pay their mortgages.

  • Roku reports revenue tomorrow. Here’s what to expect
  • Political instability causes doubt and could cause economic breakdown
  • Keep PA Beautiful Urges Residents TO BE Involv
  • Use bank cards as a loan of last vacation resort
  • Bridging Communities, Inc
  • ► October (13) Milestone: Portfolio Value Reaches $100,000

Owning a home is no longer a good investment. In the past, owning a home was one of the best investments you could make, and you’ll surely make money when you sold your home down the comparative line. But that was until now. 175,000 – not you could find a buyer anyway. Either way, this is a significant loss on your investment. 275,000 loan for a home that’s not even worth very much anymore.

And, to top it off, you come to find out that your lender is refusing to refinance you, even though they assured you that it would be a possibility when you first authorized with them. A professional lawyer can help you. These full days, higher rates of interest and the faltering job market have left many people using 50% to 110% of their regular income to pay for their homes. It is impossible for them to pay the bills.

As we have seen, folks have to choose what costs will be the most crucial to them. Obviously, you need to buy groceries, but now having dinner up for grabs means you are hundreds of dollars lacking meeting your mortgage payment. Thus, the foreclosure process starts. Now you know that lenders acquired a sizable part in the current situation which many homeowners end up in, so don’t let them take away your home and kill your credit along the way. The best defense you have right is the law.