Recent Trends in Foreclosure
Foreclosure is the legal process in which a lender, typically a bank, attempts to recover the balance of a loan it has mortgaged out to a borrower, such as a homeowner, who has defaulted on his or her loan by repossessing the home. A lender has the legal right to sell the asset used as collateral in the loan agreement in order to recover the balance of the loan when the borrower stops making payments. Unfortunately, with the recent difficult economic period and crash of the housing market, foreclosures became something more people in the U.S. found themselves facing.
Recent Statistics Regarding Foreclosure
Because of the Great Recession of 2009, foreclosure has been a growing trend in the years since. The housing market has slowly stabilized in the past two years, but the number of home foreclosures is still well above pre-recession levels. Some of the recent foreclosure trends are as follows:
- Between July and September of 2009, there was a 14% increase in the number of homes receiving a default notice
- In 2009, 1 in every 45 homes filed for foreclosure
- In 2010, big cities such as Houston, Seattle, and Georgia each experienced over a 20% increase in the number of foreclosed homes
- In 2011, banks repossessed over 800,000 homes
Though foreclosure is, understandably, a frightening thing to face, filing for bankruptcy can help a homeowner avoid this undesirable outcome.
Discuss Foreclosure with a Raleigh Lawyer
Our lawyers at Bradford Law Offices, PLLC, know that many people in Raleigh find themselves facing the prospect of foreclosure, which can be extremely difficult for them and their family. Fortunately, there are certain options available to help people possibly avoid foreclosure, including bankruptcy. If you are dealing with unmanageable debts and the prospect of foreclosure, call (919) 758-8879 to speak with a member of our team who is prepared to handle your case with the compassion and care you deserve.