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Before World War II there was the Great Depression of the early 1930s a period in time where the United States economy was thought to be worthless Banks failed money was worthless and thousands were homeless and desperate for scraps of food History soon repeated itself in 2007 in what became known as The Great Recession Weller With the economy reaching a low point the recession was constantly being compared to the Depression as banks were again failing and homes were being lost due to foreclosure The number of foreclosures soared in 2007 with 405000 households losing their home There was almost 15 million unemployed workers who were at risk of losing almost everything they possessed including their homes Schmitt Foreclosure is a widespread case that affects a single person affects families and in some cases communities What exactly is a foreclosure In other words when mortgages outweigh the value of the home or when payments arent made the home is under forceful holding until sold so that the lender can earn the money that the buyer could not pay Lybeck 130 However this process does not happen overnight It can take months for a home to be seized and sold elsewhere The foreclosure process provides the buyer with ways to prevent a foreclosure by simply calculating how long one has before he or she is evicted Each month a homeowner is required to make a mortgage payment that has to be fulfilled on or before a due date If made one simply has to look forward to next months bill However if missed the bank issues a notice stating that further action will be taken if a payment is not made as soon as possible with an additional late fee After an additional thirty days the bank later sends what is known as a notice of default or a NOD This notice is enclosed with your personal information how much is owed the
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