An unprecedent record of 1.53 million properties were in either foreclosure process, default notices, auction sale notices or bank repossessions during the first six months of 2009.
That was 9% more than the previous six months and 15% more than the same period of 2008, according to a report released Thursday by RealtyTrac.
There were a total of 1.91 million filings resulting in 1 out of every 84 U.S. properties receiving at least filing in the first half of the year. Banks repossessed 386, 800 properties.
Forclosure Prevention Tips:
The following is a summary of foreclosure prevention tips offered by the U.S. Housing and Urban Development:
Contact your mortgage company as soon as you realize there may be a problem with making payments.
Make sure to respond to all mail and other correspondence from the company.
Educate yourself about homeowner's rights, foreclosure prevention options and foreclosure laws.
Read mortgage documents carefully to become familiar with what would be required if you are unable to make payments.
Prepare and follow a household budget to keep spending in line. Try to cut costs on non-essential items such as television subscription services and other entertainment.
Look for ways to make extra money by selling non-essential assets, taking an additional job or even renting out a room.
Make an appointment with a non-profit housing counselor to review your situation and provide any assistance that's needed.
Please comment on "Foreclosure problem is not going away any time soon"
Posted by The Finance Media on 7/16/09 7:20 AM
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