Timothy E. Lockhart - YOU HAVE OPTIONS: YOUR GUIDE TO AVOIDING FORECLOSURE

Any one of these factors, even several of them at once, could cause homeowners to default on their home loans, putting them at risk of foreclosure.

POINTS TO REMEMB O REMEMBER:

• Many Americans live on tight budgets and are vulnerable to a downturn in the economy, housing market, or their personal financial situations. • Situations such as a job loss, a health crisis, or other problems can create a “tipping point” that will prevent you from making timely mortgage payments, or even compel you to default on your mortgage. • If you owe more on your loan than your home is worth, your mortgage is said to be “underwater” or “upside down.” • Homeowners whose home value dips by 20% or more are 14 times more likely to go into foreclosure than those who witnessed a 20% increase in home value.