Foreclosures Book

; ; Illness or medical reasons made up 13% of foreclosures. ; ; Divorce accounted for 8%. ; ; An inability to sell the house clocked in at 6%. Surprisingly, payment adjustment on a mortgage was cited as a reason just 1.4% of the time. Other reasons noted include: ; ; Job loss

; ; Job transfer or relocation ; ; Deceased family member ; ; Excessive debt and mounting bills ; ; Maintenance issues they can no longer afford

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 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 frommaking timely mortgage payments, or even compel you to default on your mortgage. ; ; If you owe more on your loan than your home is worth, yourmortgage is said tobe “underwater”or “upsidedown.” ; ; 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.