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Common reasons for foreclosure

Although foreclosures continue to occur all around the country, there are some positive signs that the housing market continues to improve, including here in the Tampa area. According to a recent report in the Tampa Bay Times, Tampa ranked number five in single-family homes sales in November amongst all 20 metropolitan areas in Florida.

However, despite the good news many families in the area still face the possibility of foreclosure. Although many people think foreclosure occurs simply because people get in over their heads when they purchase a home, the fact is, there are many reasons that people are forced to lose their homes to foreclosure. Many times, people have to choose foreclosure because of circumstances beyond their control.

According to MoneyMatters101.com, foreclosures are not a class thing nor are they a matter of irresponsibility. Of course, some people reach a point of foreclosure because they can’t accept living at a certain level that better fits their income. Other people can afford their mortgage, but they get into trouble because they overspend on furnishing their home, or they have other debts, like a new car, for example.

There are other reasons that people get into trouble and end up facing foreclosure. According to Illinois.edu, some people who go through a divorce end up facing bankruptcy or having their home foreclosed because they no longer can afford to make the payment, due to paying spousal support. Another common reason people face foreclosure is medical bills. Sometimes people end up with so much medical debt, through no fault of their own, that they are no longer able to pay their mortgage. Losing one’s job can also lead to foreclosure as can the unexpected death or debilitating injury to a family’s main money provider.

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