The first months of 2010 proved to be tough times for homeowners facing foreclosure as a record number of houses were reclaimed by banks to payoff distressed real estate loans, according to this MSNBC article.
A new real estate report by a service that tracks foreclosure notices states that this is the highest number recorded in at least five year as one in every 138 U.S. housing units was subject to a foreclosure filing during the quarter of the year.
An official with the tracking service predicted that there would be 1 million bank repossessions this year if the tempo continues.
This follows last year’s pressure from the federal government to modify loans in an effort to keep borrowers in their homes which, along with other attempts by some states, seemed to slow the momentum. However, the trend now appears to be reversed as federal programs have only helped a small number of these homeowners so far.
It’s not good news for those facing job losses, rising mortgage payments or an increasing lack of income. We can reach out to those in need of a positive charge and encourage them to keep working toward the goal of being financially self-sufficient and prosperous.
In times of desperation and potential loss of one of life’s most basic needs – shelter, Pre-Paid Legal offers a membership and an opportunity that can make the difference between good and bad times for homeowners and everyone else seeking to achieve balance in their lives.
To learn more about Pre-Paid Legal and to sign up today, just click the Pre-Paid Legal link above.
Trackbacks/Pingbacks