A Million Homes Could Be Lost to Foreclosure This Year

Many homeowners are still struggling to keep up with mortgage payments. More than 1 million households are on track to lose their homes to foreclosure this year, according to RealtyTrac. Some of these homeowners have attempted to get loan modifications with no success.

Delaying Foreclosure Proceedings

There were foreclosure filings on 895,521 properties in the second quarter of 2010, RealtyTrac data showed. Bank repossessions rose 5% from the previous quarter and 38% from a year earlier. James J. Saccacio, chief executive officer of RealtyTrac, said in a statement:

The midyear numbers put us on pace to exceed 3 million properties with foreclosure filings by the end of the year, and more than 1 million bank repossessions. The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market.

Reverse Mortgages and Foreclosure

Seniors faced with the threat of foreclosure might find relief with the help of a reverse loan. Instead of struggling to keep up with housing payments, you could be end up receiving a cash payout by using a reverse mortgage to tap into home equity. Talk with a housing counselor to learn more about reverse mortgage guidelines and whether or not borrowing money could keep you out of foreclosure.

This entry was posted on Thursday, July 15th, 2010 at 11:03 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.