There are numerous advantages to owning your own home, it can be a great investment, it can also provide you with a sense of security and you can fix it to your own personal taste. How then can you make sure that it stays yours?

 

We are certainly familiar with the term foreclosure. This is when the homeowner loses their property because of failing to pay a debt. What are some of the reasons for this?

 

There are a variety of different reasons. One of the most common is failure to pay the mortgage, in this case the bank will take back the property.

 

Another reason for a home to be foreclosed on is being overdue with paying property tax. Failure to pay these types of taxes can result in the home being seized by the local government.

 

Many people throughout the United States live in homeowner’s association (HOA) neighborhoods. Anyone who lives there knows that HOA fees must be paid, but were you aware that failure to do so could result in your property being foreclosed on? In many States these Home Owners Associations have so much authority that if the homeowner falls behind with their HOA payment, they can be foreclosed on without any rights or protection.

 

Failure to pay contractors bills is yet another reason for foreclosure.

 

As we can clearly see, owning a home is a great investment, but before you decide which home is right for you, make sure you are fully aware of your rights as a homeowner and the rights of the lenders. Research is always important because different States have different laws, so you want to make sure you are well acquainted these.

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