When you hear that someone's home is in foreclosure, what do you think is the reason? Do you wonder if they got themselves into overwhelming debt through poor purchasing decisions? Do you assume they bought a home they could never really afford? Or maybe the breadwinner recently lost their job?
These are all common assumptions, and they tend to paint the person going through the process in a negative light, when the reality is that the foreclosure could be out of their control. For instance, maybe it's simply that their health is to blame. That's not their fault, but it still creates a stressful financial situation.
In one study, researchers found that those suffering from a debilitating condition and/or a chronic illness may face twice as high of foreclosure odds. Due to their health situation alone, they defaulted on their mortgages twice as often as their healthy peers.
It's easy to understand. Imagine that you find out you have cancer. It's going to take months of treatment to fight it. The cost, even with insurance, is astronomical. You can't work because of the impact the treatments -- along with the cancer itself -- have on your body. Now you have high medical bills, no income and a potentially fatal disease. Are you really all that worried about trying to make your mortgage payments on time?
If you find yourself facing foreclosure, no matter the reason, it's important to understand your legal options. Make sure you know where you stand and what steps you can take to protect your home for your family.