For those of us who monitor trends in Internet searches, there has been an incontestable rise in the number of people looking for information on how to avoid foreclosures. To be sure, this is one topic on which information has always been highly sought. What has changed though, is that while searches for information on it used to be occasional (and by only so many people at a time), they have now become phenomenal; so that almost everybody seems to be looking for information on how to avoid foreclosures.
The people looking for information on how to avoid foreclosures can be seen as falling into two broad categories. In one category are those who are facing imminent foreclosures themselves. These are many, for the world is going through one of the worst economic crises ever. And in the second category are those who are not directly facing foreclosures, but who have friends and relatives in that particular – and often distressing – predicament. So they are looking for information on how to avoid foreclosures on behalf of those friends and relatives of theirs.
One question that is likely to come up in all this is as to why there is such a rise in the number of people looking for information on how to avoid foreclosures. To this question, only one major answer can be identified: tough economic times.
As alluded to earlier, there is no denying that the world economy is going through one of the roughest stretches it has had to go through in recent days. What is particularly distressing about the current tough stretch that the world is going through is that it is taking place so soon after a major boom: which many of us had come to assume would last forever.
During the boom, many people took up mortgages to buy what they considered comfortable homes. These were, in most cases, quite expensive homes – but many of us did not see the problem in taking up mortgages for them, for our economic outlook looked good. Things could only get better, or so we thought. It doesn’t help matters, either, that the so-called sub-prime mortgage lenders were giving money to pretty much everybody who asked for it.
Then came the recession – and people who were previously comfortably repaying all their debts, including the mortgage (and being left with money to spare), suddenly find themselves struggling to continue meeting their obligations. This they do, when faced with job losses, of which we have experienced millions in the last one year. A job loss for most people servicing a mortgage translates to an imminent foreclosure – unless they can secure another job soon, which is proving to be a hard bet in this economy. So faced with a situation like this, many find themselves forced to go looking for the information on how to avoid foreclosure, as they try to sort out their finances.
Thankfully, the pundits tell us that the global economy is picking again. We are, however, yet to see whether this will translate to improved earnings for the masses, and fewer searches for information on how to avoid foreclosures.