Over the last year we have seen foreclosures at the lowest levels since 2007. While this seems to be a positive economic sign regarding the number of distressed mortgages what we find is that the potential for a large number of foreclosures still exist. In fact a primary reason for the low number of foreclosures in 2011 was due to delay’s following the robo-signing fiasco that took place prior to 2011.
In a recent statement from RealtyTrac it was confirmed that lenders were finally beginning to push through delayed foreclosures in specific markets, and they expect this trend to continue through 2012.
The good news here is that the banks are also pushing short sales as an alternative to foreclosures and some banks are expecting a 60-70% rise in the number of short sales in 2012.
If you or someone you know is having difficulty making mortgage payments and are worried about the possibility of foreclosure please give us a call. We have solutions that will help you avoid foreclosure.