Sometimes, it may take several months for a foreclosure to take place. During this time, a lender might work with a household, providing them with an affordable payment plan. Perhaps a homeowner will have to refinance in order to lower their mortgage payment.
Other times, they may find public assistance to help them make payments.
In some cases, receiving EBT Foodshare (food stamps), transportation funds, or phone bill vouchers, can offset the cost of living. These types of assistance would free up money for making the mortgage payments. No matter what, taking people struggling to make mortgage payments to court is usually a last resort. Even then, homeowners may still have a chance to save their houses if they act fast.
Not everyone is able to keep the houses they lived in or grew up in, however. This can be sad, but people in this situation can still rebuild their lives. In the future, people undergoing foreclosure may become eligible for financial assistance. They can usually still eventually secure a new place to live.
As far as people wanting to buy foreclosed homes, that’s another topic. Sometimes, people watch for deals on homes that a lender has taken back from the previous owner. A foreclosed sale may take time, however. Buying a foreclosed home doesn’t happen overnight.
