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Number of foreclosures increasing again!

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Services for Real Estate Pros with Azren Foreclosure Help

 

San Diego-based research firm DataQuick just released a figure that in California, Bank of America’s Number of foreclosures increasing again! notices of default on homeowners has increased by 182.4% from July to August. That’s 6,478 more homeowners now in danger of being kicked to the curb.  This increase in foreclosure activity is not confined just to California. It is however, mostly in states where a court order is not needed to take back a home. These are the so-called non-judicial states, such as California and Nevada. You can bet many other big banks will follow suit.

 

Having revised some of its repossession practices, I suppose BofA feels it deserves to own more of your homes! If you have found yourself in such a predicament you must get moving now to find alternatives.  Put on your thinking cap and try to work out something that keeps you from losing it all. If you still have substantial equity in your property but can't get a loan or a refinance, talk to several investors on equity sharing or some such arrangement. If you are upside down in your mortgage and Number of foreclosures increasing again!behind on your payments but don't want to move, there is help available with Bella Homes.


While I understand the need to clean up outstanding defaulted loans if the real estate market is to get over its long slump, it is a shame that more isn’t being done by the banks to alleviate the necessity of evoking the foreclosure proceedings.