Real estate hardship has become much more familiar to a lot of people in the last couple years or so, as the bursting of the housing marketing bubble has pushed home foreclosure rates through the roof (no pun intended). With more and more people dealing with potential real estate hardship, it’s important for you to understand what it is and how you might possibly find relief–that is, if you can qualify for it.
Real estate hardship comes about for a homeowner for two basic reasons: either they have had a sudden diminishing of income, or they have had a sudden increase in expenses without any concurrent increase in income. Either one of these situations can cause a homeowner to suddenly find it difficult to keep up with paying the mortgage.
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Decrease in Income
An unexpected or unavoidable drop in income might hit you for a number of reasons. If you run your own business and your business suddenly goes under–maybe you had a bad business partner who got your firm into legal trouble–you will suddenly find yourself without the income you relied on. Of course, another way to lose income is to get laid off. Certain sections of our economy aren’t all that stead right now, and if you work in one of them you could find yourself getting the pink slip with little notice.
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