There are many benefits to owning your own home, not only can it be a good investment, it can also provide you with a sense of security and you can do it up to your own tastes. But, how then can you make sure that it stays yours?
We are undoubtedly familiar with the term foreclosure. This is when someone loses their home because of failing to pay a debt attached to the property. What are some of the explanations for this?
There are several reasons for this. One of the most common is failure to pay the mortgage. In such a case, the bank generally takes back the property.
Another reason for a home to be foreclosed on is unpaid property tax. If these taxes are not paid, this can result in the home being seized by the local government.
Countless people throughout the United States live in a homeowner’s association (HOA) neighborhood. Everyone who lives there is aware that HOA fees must be paid, but did you know that failure to do so might result in your property being foreclosed on? In many States these Home Owners Associations have a lot of authority, so much so that if the homeowner falls in arrears with their HOA payment, they can be foreclosed on without any government protection or rights.
Failure to pay your contractors bill is yet another way your home could go into foreclosure.
As we can plainly see, owning a home can be a great investment, but before you choose which home is right for you, make sure you are completely aware of your rights as a homeowner and the rights of the lenders. As we always stress, research is important because different States have different laws, so make sure you are well acquainted the laws in your area.
