Vance P. Truman, Attorney at Law
Putting People's Financial Worries Behind Them Free Initial Consultation

How foreclosure can impact entire neighborhoods

Foreclosure may not be an isolated issue. In some cases, as property values fall, it can hit entire neighborhoods.

For example, a lot of people bought new homes when prices were high and there was a surge of construction. However, as that bubble popped, it turned out that there were too many homes. This devalued those that had been purchased and meant that many homes didn't sell.

As a result, people in those neighborhoods or communities often found that there were empty lots and empty houses all over the place. They were stuck paying far more than their homes were worth, living in a virtual ghost town. No one else wanted to buy those homes once the real value was clear.

To get out of it, some homeowners went into foreclosure. They let the lenders take the homes back just to get out of those high payments with little end value.

This, of course, just lowered the property values even more. A half-full neighborhood turned into one with a family in just one out of every five homes, for example. The drop in values pushed out people who had been resistant to the idea of foreclosure in the first place. The domino effect dropped prices for everyone.

This helps to show you how foreclosure is not always entirely your fault. You don't have full control over the value of your property, which can change dramatically in a short time. If this process has impacted your home and your property, be sure you always know what legal options you have, especially if you don't want to lose your home.

Source: Huffington Post, "Is Foreclosure Ever a Good Idea?," accessed May 04, 2017

No Comments

Leave a comment
Comment Information

Get the debt relief you need, the personal attention you deserve.

Call us today for a free consultation at 330-591-4729, or fill out the form below, and we will contact you.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact Information Vance P. Truman, Attorney at Law

689 Lafayette Rd.
Medina, OH 44256

Phone: 330-591-4729
Fax: 330-722-3410
Map & Directions

Payment Plans Available Call Us For Your Best Suitable Payment Option

VISA master card American express Discover network