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    Thread: Overview: Causes of foreclosure

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      Default Overview: Causes of foreclosure

      Foreclosure is the process by which lenders recover a loan by repossessing the property that the loan was for and reselling it to recoup loss. Here is a look at some of the most common causes of foreclosure.

      1. Negative equity: Negative equity occurs when a home’s value falls, causing the homeowner to owe more on the mortgage than what the home is worth.
      2. Rising Interest Rates: Some foreclosures can be attributed to subprime mortgages, which see low introductory interest rates initially, only for those rates to reset at incredibly high values a few years later.
      3. Death: A death in the family is a leading cause of foreclosure, particularly when it happens to be the
      head and primary breadwinner of the household who passes.
      4. Disease: Unexpected medical bills are the leading cause of bankruptcy in some countries, so it makes sense that they would lead to foreclosure as well.


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      It is a common occurrence to raise fund for businesses which is in most cases through loans.Loans are however to be repaid with interest and some conditions are attached in case of default (inability to the debtor to repay).This is in the case of secure loan whereby there should be a collateral.The collateral is meant to be sold off in order to recover the loan in case of default and this is what is referred to as foreclosure.The reason behinds the debtors inability to repay are many (which leads to foreclosure) which are as follows;
      a.Non profitability of the business which might have led to poor equity.Therefore there would no option or resources to take care of the loan
      b.The interest rates many times may be unbearable or does not correspond to the rate at which the obtained loan generates profits
      c.Death of the owner of the business especially in the case of sole proprietorship
      d.Emergency or contingencies such as fire outbreak,sicknesses or pandemic that could lead to economic shutdown such as covid-19


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