Foreclosure’s Orphans: Homeowners Not the Only
Ones Left Without Homes
Source: Informa Research Services
When foreclosure forces a family to
leave their home, sometimes they are faced with making a decision about caring
for their pet as well. Some may not be
able to cover the cost of caring for the pet and others may be moving into
another living situation that does not allow pets. In either case, the situation is not a
pleasant one. Informa Research Services,
Inc., discusses how to best avoid facing this
predicament and offers resources for those who have to choose a different
living arrangement for their pets.
To prevent a loan from falling into
default in the first place, homeowners should know the terms of their home
loan. “A borrower should never take on a
mortgage they do not fully understand,” says Nancy Osbourne,
Chief Operating Officer of E-Rate.com, a mortgage information and consumer rate
resource. Potential homebuyers should
learn about the various types of mortgages available before choosing one. Additionally, they should shop for rates online ahead of time to ensure
they are getting the best available rate.
If a homeowner thinks they need to
miss a payment, they should contact their lender immediately. “First and foremost, a distressed homeowner
needs to know who they will be dealing with before they find themselves too
deep into trouble,” suggests Osbourne. She also insists homeowners should find out
who the decision-makers are at their lending institution and learn about their
policy and process to modify the loan.
When the appropriate actions are taken
in a timely manner, homeowners may be able to stay clear of falling victim to
the real estate crisis and avoid losing their pets to foreclosure-induced
relocation.
If a homeowner feels they may be
unable to keep their pet with them, they should contact their local Society for
the Prevention of Cruelty to Animals (SPCA), Humane Society, or one of many
animal welfare organizations. According
to No Paws Left Behind, Inc., a non-profit organization dedicated to finding
solutions for family pets affected by the foreclosures, an estimated 63% of
American households own pets. With
experts agreeing that 2 million to 4 million homes will be foreclosed on this
year, an estimated 1.25 million pets could be left homeless due to the current
housing crisis (Source:
nopawsleftbehind.org).
Moreover, earlier this month,
California Governor Arnold Schwarzenegger signed Assembly Bill 2949 into law,
which mandates that upon vacating a premise, property owners must notify animal
control officials immediately so that they can appropriately apprehend and care
for any animals that have been tragically left behind by their families.
While these are definitely commendable
solutions, since they aim at solving the symptoms of the mortgage crisis and
not the cause, the best solution is to avoid foreclosure altogether.
