The current foreclosure crisis has not eased, in fact it has gotten worse. This is all the more reason to seriously look into ways to prevent and stop foreclosure if your are facing this prospect.
Homeowners fell behind on mortgage payments in record numbers during the first six months of 2009, according to industry firm RealtyTrac. A record 1.53 million properties were in the foreclosure process -- default notices, auction sale notices and 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.
There were a total of 1.91 million filings resulting in 1 out of every 84 U.S. properties receiving at least one filing in the first half of the year. Banks repossessed a staggering 386,800 properties. What this means is, despite the intensity of the efforts on the part of government and lenders we don't have a handle on foreclosures yet. And there was no recorded improvement in June, the last month of the cycle. More than 336,000 homes reported foreclosure filings, the fourth straight 300,000-plus month. Filings were up 33% over last June and nearly 5% compared with May.
Foreclosure activity continues to increase to record levels. Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes' are now worth represent a potentially significant future risk.
If you or someone you know is facing foreclosure, please visit Foreclosure Shield to learn how to stop the foreclousre process and save your home.
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