Shame of Foreclosure Keeps Troubled Borrowers from Seeking Help

1 September 2008

Author: admin Posted under Foreclosure Crisis

In Howard County, Baltimore, the growing number of foreclosure filings has certainly started affecting the local economy. In an effort to address the problems brought about by the foreclosure crisis, the local government along with several non-profit groups has decided to launch several foreclosure prevention seminars and workshops. Unfortunately, only few troubled borrowers attend them.

For the local civic action organization PATH or People Acting Together in Howard, one of the reasons for the low turnout can be attributed to the fact that many distressed homeowners are ashamed to go to these seminars and workshops because they consider the matter a private thing. In one of the workshops held last August 23, only 25 people attended.

According to many analysts, one of the reasons for the high national foreclosure rate is that most of the homeowners who lost their homes to foreclosure acted too late. In some cases, they flat out refused to seek assistance, hoping that their mortgage problems will go away on their own. What most of them did not know is that foreclosure is actually avoidable if you have the necessary information to make informed decisions. It would also be a lot easier if you have a foreclosure expert who will guide you through the foreclosure process.

Last year, there were 647 foreclosures which were approved by the courts, up from 411 in 2006. At the beginning of the year until to date, there are already 425 approved home foreclosures. Obviously, the foreclosure situation is worsening in this county.

Distressed homeowners should understand that they are not the only ones affected by the foreclosure crisis. In fact, there are already over 3 million foreclosure filings since the mortgage mess erupted. Instead of getting embarrassed about the whole ordeal, troubled homeowners should face reality and tackle their mortgage problems head on.