The housing bubble of 2008 resulted in many homeowners being unable to afford their homes, mostly due to adjustable rate mortgages (ARMs) that almost doubled their mortgage payments within a few years or sometimes within months. Originally published in the midst of this crisis but now in its third edition, this book is a short, yet important, must-read for anyone facing the possibility of foreclosure, currently experiencing foreclosure, or seeking information to help avoid foreclosure.

The authors are well-versed in the intricacies of the mortgage industry: Dorich has three decades of real estate industry expertise, and Horwitz is a consulting attorney for the book. The book does a great job of explaining what foreclosure is, the importance of being proactive and approaching lenders at the onset of experiencing financial hardship, understanding homeowners’ rights, and the various ways to avoid foreclosure. This simplified self-help homeowner’s handbook is an excellent resource for those experiencing foreclosure. The book clearly explains the differences between a foreclosure, a short-sale, and a deed in lieu of foreclosure. It carefully outlines the pros and cons of filing a Chapter 7 or Chapter 13 bankruptcy. Most importantly, it strongly encourages homeowners to advocate for their rights. It recommend homeowners seek legal advice and encourage homeowners to make decisions based on facts and not emotions. It also provide details about how to avoid scam artists, especially since foreclosure can be a very emotional process.

Written in layman’s terms, the authors have proven their expertise and knowledge of an industry that has been hit hard. The advice is insightful and extremely helpful for those caught in the foreclosure trap. Although the statistics are a few years old, this is is a good resource for current and future homeowners.

RECOMMENDED by the US Review

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