They Haven’t Foreclosed on Me Yet!

by Jenner on July 6, 2012

Don’t think lenders are not actively pursuing foreclosures.  63,000 homeowners lost their homes to foreclosure in month of May.  That number is UP from the month before. Lenders are averaging 2,440 foreclosures per day!

If you are in default take steps to resolve your mortgage dilema while options are available.  Lenders lose money going the foreclosure route and are financially motivated to permit short sales.  In many cases, owners are receiving principal reduction modifications allowing them to stay in the home. Others are getting totally out from under the mortgage debt AND being paid $1,000 to $30,000 from the lender for their participation in the short sale.

Over the 12 months ended in May California had 133,000 foreclosures, Florida had(92,000, Michigan 60,000, Texas 58,000, and Georgia 57,000 foreclosures.

Florida had the highest percentage of foreclosures (11.9%, with New Jersey at 6.6%, Illinois 5.3%, New York 5.0% and  Nevada with 4.9 %.

To learn more about preventing foreclosure, Go Here.

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