 How to Avoid Real Estate Foreclosures - Your first step is to call your mortgage lender. If you are having a difficult time paying your mortgage on time, it's important to call your lender immediately, before things can get bad which can lead to a real estate foreclosure. Your biggest ally if you encounter difficulty paying your mortgage on time is often your lender.
Your mortgage lender has options to help you stay in or sell your home. These options include forebearance, repayment plans and loan modifications as well as relief under the new Federal housing plan. You can find their contact information on your mortgage statement or coupon book.
Working With Your Lender to Stop Foreclosure
When you call your lender, be sure to have your account information handy and be ready to give a summary of the financial problems you are having. You should also have recent income statements and your household budget with you.
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January 2009 - RealtyTrac®, a leading online marketplace for foreclosure properties, today released its 2008 U.S. Foreclosure Market ReportTM, which shows a total of 3,157,806 foreclosure filings default notices, auction sale notices and bank repossessions - were reported on 2,330,483 U.S. properties during the year, an 81% increase in total properties from 2007 and a 225% increase in total properties from 2006. |
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About The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the year at the state and national level. Data is also available at the individual county level. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90% of the U.S. population. |
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