For most of us buying a home is a major decision and is the largest financial transaction we have in our lifetime. Therefore, it is easy to see why some potential buyers have a hard time pulling the trigger. Some questions they may be asking themselves include; can I afford this, what if I lose my job and can’t make the payments, and do I want this responsibility?

Homeowners have some advantages when it comes to capacity to make payments. Landlords want to evict and get a new renter; lenders do not want to foreclose unless they have no other alternative. Lenders are more apt to work with a borrower who is having temporary financial problems because the foreclosure process is expensive and generally end up with some dollar amount being exposed to loss. Most lenders will not even start the foreclosure process until you are 60 to 90 days delinquent in your payments.

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