Some Homeowners Struggle with the Reality of Repeated Home Foreclosures

The loss of one’s home to foreclosure can be devastating, and millions of Americans are intimately familiar with this kind of financial and emotional trauma. A Southern California couple is facing their third foreclosure in the past year. The couple, who lost two homes to foreclosure in March 2010, has been forced to declare bankruptcy, and is fighting to stay in their current home. The nation’s foreclosure crisis has hit the Los Angeles metropolitan area especially hard as improper lending practices made it easy for people to take on mortgages that they couldn’t afford. Other metro areas hit hard by foreclosures in the last couple of years include the Phoenix and Las Vegas housing markets. Once a rarity, multiple foreclosures have become much more common as people with easy access to credit bought multiple homes when property values showed no signs of slowing down. Lax lending standards allowed lots of people to get into the real estate investing business, and when the music stopped, they were left upside-down on homes that they bought for hundreds of thousands of dollars. The couple struggling to keep their only remaining home says that they would not have had the foreclosures or the bankruptcy had their health and the economy not taken a turn for the worse. Bad luck, a workplace accident for him, a pedestrian accident for her and a souring economy created a lethal financial tsunami for the couple, and their future is far from certain. This couple’s situation is far from unique. Many couples, single parents and singles are fighting to keep up with their mortgage payments. If you’re looking for a smaller, more financially manageable home for sale in Louisville or the surrounding area, contact a Louisville realtor at Louisville Properties today by calling 502.744.9504. Resource Link: http://www.latimes.com/business/custom/yourmoney/la-fi-cover-foreclose21-2010mar21,0,3077981.story?page=2

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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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louisvilleproperties

Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
United States
Phone: 1-502-744-9504

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