When a house is foreclosed, the reasoning behind it seems simple enough. The purchaser of the home was unable to afford the property and it was re-possessed by the bank or mortgager. However, a number of foreclosures in the United States has risen substantially enough to be concerning. In 2013 alone, one in every 96 homes reported one foreclosure. This prompts the question: what may be influencing this increase in foreclosures?
Lack of knowledge regarding the foreclosure process
One of the possible reasons behind the number of foreclosures is that homeowners aren’t