Most people who sign a mortgage don't intend to just walk away from their responsibility to pay. A lot of people seem to think that homeowners facing foreclosure are just deadbeats who don't pay their bills on time. From my experiences in talking to homeowners in default this is not the case. Below are the top five reasons that I've seen most homeowners lose their homes to foreclosure. As you will see, most of time people experience a hardship which for the most part is beyond their control.
1: Divorce
2: Job Loss
3: Illness/Injury
4: Property Needs more repairs than the owner can afford
5: Mis-Prioritizing Bills
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