August 3, 2010

By: Shaun Ertischek, Esq.

Due to the decline in real estate values, tightened credit market, and reduced income often caused by unemployment or the contracting economy, many homeowners have been unable to meet their mortgage loan obligations.  In the first half of 2010, there were 1,654,634 homes facing foreclosure in this country according to RealtyTrac.  During this six-month time period, the number of homes dealing with foreclosure accounted for 1.28% of all U.S. homes (one in 78).  In many cases, consumers who have experienced financial hardship but are now able to make monthly loan payments are able to keep their home through a loan modification, settlement, or chapter 13 repayment plan.  It’s important to discuss your options with an experienced attorney as early as possible in the foreclosure process.