If you are a homeowner who has remained so-far unaffected by the economic downturn and the foreclosure crisis, we offer sincere congratulations. Not many Americans escaped the last few years financially unscathed, though the fact that some did is cause for celebration. However, simply because you have made it through this period financially intact does not mean that it is wise for you to avoid news related to the process of foreclosure.
When others are suffering high rates of foreclosure, the trend likely affects the value of your property. As a result, it is critical that you remain educated about the latest developments related to foreclosure rates and processes both locally and nationwide. You may not have reason to lobby your state and federal lawmakers on foreclosure reform due to your own dire financial straights, but the ways in which foreclosure is approached does affect you and should concern you broadly.
In addition, it should be noted that the primary reason why individuals and families file for bankruptcy and get behind on their mortgages is unexpected medical debt due to sudden injury or illness. You may not have been affected by the latest economic downturn, but that does not mean that you and your family are immune from sudden financial challenges. Should you ever find yourself in the unexpected position of overwhelming medical debt, you too could be navigating the foreclosure process. In remaining educated about foreclosure throughout your life, you can be ready to face it should you ever have to.
Source: Huffington Post, "Three Reasons Why Non-Foreclosed People Should Care About The Foreclosure Crisis," Ben Hallman, Jan. 18, 2013