More than 2.3 million American homeowners faced foreclosure in 2008, an 81 percent increase from 2007. Over 860,000 properties were actually seized during foreclosure in 2008 which was twice as many as in 2007.
The article said:
Moody’s Economy.com, a research firm, predicts the number of homes lost to foreclosure is likely to rise by another 18 percent this year before tapering off slightly through 2011.
Still, foreclosures – which keep breaking records going back 30 years, according to the Mortgage Bankers Association – are likely to remain well above normal levels for years to come, and that will continue to keep home prices from rebounding.
The truth of the matter is that the number of foreclosures here in Dallas-Fort Worth and nationwide is set to go through the roof and so are the number of bankruptcies. There are too many vulnerable homeowners suffering under the weight of toxic mortgages and barely able to avoid foreclosure .
With the rising number of job losses currently taking place and the number of job losses predicted for the future, massive numbers of foreclosures and bankruptcies are only inevitable. Even with the two part bailout plan for bankers, are we only delaying the inevitable? The first part of the bailout has not seemed to put a dent in the number of foreclosures or bankruptcies in this country.
To date the best method for increasing a debtor’s ability to save his/her home from foreclosure is bankruptcy that’s why so many who have attempted to modify their mortgages end up in bankruptcy eventually. Any homeowner facing foreclosure who wants to have the best shot at saving his/her home should speak with a bankruptcy attorney.