The Top 10 Reasons

1. In most instances homes usually can have two mortgages placed as a lien against a property. Under normal conditions you can have a first mortgage and a second mortgage. Some companies during the refi boom were putting a third lien against the property. Local banks and credit unions were the ones that did the third lien.

2. When people are trying to refinance their home the mortgage company will look at their credit report and will contact the local city or county government office to pull up who is on the title of the home and any outstanding liens against the property. If you default against anything including credit cards or if you are behind with taxes these can be put as a lien against the property.

3. What these companies do is register the lien with the county and it is recorded. If you ever plan to refinance the home or

1. First off I want to say that I am not promoting going into foreclosure but let me tell you something about when it makes sense to do it. Foreclosure is now a word that every American now knows. Ten years ago you might hear that word occasionally or maybe when a business was going bankrupt, but not as much as you do now. The mortgage industry is having the worst time of its existence and their is not one person who is not affected by it one way or another. This is a story for the people who can pay their mortgage but need to move or downsize or something else but just cannot sell their house.

2. Many people around the country are losing their jobs right now because the economy is heading or already is in a recession. When people don’t have the money coming in to pay their bills the bills do not