Now is NOT the time to bury your head in the sand!

Here are the most common causes that a property becomes distressed:

1.       Payment Increase or Mortgage Adjustment:  The single largest reason for distress in today’s market

2.       Loss of Job:  Losing your income is often immediate and quickly becomes financial distress which can be insurmountable.

3.       Business Failure: For a small business owner, the failure of that business is very often followed by an inability to make mortgage payments.

4.       Property Damage: living in Florida, we all know that hurricanes and tornados are an unpleasant fact here.  However, did you know that many times your insurance company does not cover the full amount of damage repairs?  Some homeowners have had to use the insurance pay out to survive and find new housing.

5.       Death of a Spouse

6.       Death of a Family Member

7.       Illness:  Medial bills and time missed from work cause missed payments.

8.       Inheritance

9.       Divorce

10.   Separation

11.   Relocation

12.   Military Service

13.   Insurance & Tax Increases

14.   Reduction of Income

15.   Too Much Debt

16.   Incarceration

Anyone of the above items, or a combination of, can cause a homeowner to be in default.  Default is when you miss one or more of your mortgage payments.  Believe me, this is not the time to bury your head in the sand.  You need to take action or obtain help to act on your behalf during these times.