Studies show that many homeowners who fear foreclosure are not reaching out for help. Inman.com reports that the thought process of homeowners can be frantic and fearful, but the source provides tips on how to overcome these mental roadblocks.
The thought of being unable to make a mortgage payment typically evokes emotions of fear and panic, according to the source. Homeowners that don't have a backup plan typically turn fear into panic. The first step to overcoming this roadblock is to become educated on the foreclosure process, which can vary from state to state. The source reports that on average, it takes 22 months of missed payments, but many states allow foreclosure after six months. Understanding the timeline should help calm nerves and allow homeowners to create another plan.
The source reports that the longer a homeowner has been responsible, the more likely they are to feel guilty about reaching out for help, and many are too intimidated by recent negative housing reports. Homeowners should be aware of their options before letting the thought paralyze them from overcoming the threat of foreclosure