Are home foreclosures on the rise in the Heartland?

Are home foreclosures on the rise in the Heartland?
By: CJ Cassidy
It's the biggest single purchase most of us will ever make. But, the housing market has hit a major skid.
For example -an online company that monitors foreclosures reports, nationwide, more than 800,000 home owners lost their homes in January alone.
Lenders say home loans that don't require you to put down any money may be partly to blame. They say it leaves buyers without a sense of commitment, and all too often willing to foreclose on their homes, without considering the problems that follow. "It's very common for people not only to want a hundred percent loan but want the seller to pay their closing costs and their prepaid so virtually go from their apartment into their house without spending a dime of their own money," Sandy Schooler, a loan officer for Best Mortgage in Cape Girardeau says.
So, what's wrong with that?
Schooler says some buyers will choose to spend more than they can afford - just because it's available. "I've heard people say buy more house than you need you'll grow into it. You might, and you might not - but make the payment fit," she cautions.
Schooler says otherwise - you could end up with a foreclosure before you even know it. "If you're late three times they'll start the foreclosure procedure," she says.
One homeowner Heartland News spoke with, knows all too well how painful a foreclosure can be. Her home goes for sale on the steps of the Cape Girardeau County Courthouse in late March.
But Schooler says there are ways to avoid losing your home. "Don't let yourself get two or three months behind. Call a realtor and put the house on the market and sell it. It will save your credit. If you have to - go back to an apartment."
Another piece of advice - experts say stay local when you shop around for a loan, and avoid online mortgage companies.
They say while some can be reputable, you're usually dealing with an anonymous lender who really doesn't care what happens to you in the long run.