Home foreclosures have hit a record high in the U.S. Lenders are not able to collect on their loans because of numerous economic issues including high unemployment rate, this has resulted in a shortage of money and jobs.
Many of the big states in the U.S. have recorded the highest number of home foreclosures. One out of every 398 houses in the U.S. is under the threat of foreclosure.
Nevada is one of the hardest hit States with one in 33 houses in foreclosure. This figure translates to over 34,417 homes in process of foreclosure. Florida is next with a mind blowing 165,291 homes in foreclosure, which equals one out of every 50 homes in foreclosure.
Almost 77 percent of the U.S is facing foreclosure. California is one of the leading foreclosed states along with Ohio, Texas, Detroit, Virgina, Michigan, Illinois, and Georgia.
Foreclosures in Las Vegas have seen as many as 14,861 homes in foreclosure. This means that one in every 54 homes are in foreclosure. Another staggering number is that 15 percent of all foreclosures are in the state of Florida.
Adjustable mortgage rates and high interest are major factors in the foreclosure crisis. Foreclosures hit a record high in 2009. In February of 2009 there were 117,259 homes in foreclosure equaling 68 percent more in February of last year.
There are many reasons to record foreclosures in the U.S. Home value depreciation and job loss are definitely two of the most significant factors in mortgage foreclosures in the country.
There is hope and a solution to curb these foreclosures numbers and help homeowners fight foreclosure. In an effective way to provide a solution to these foreclosure rates, most banks and lenders are providing homeowners with a repayment plan known as loan modification.Loan modification is a great solution in combating these horrific foreclosure rates by reducing the homeowners interest rate and lowering their monthly payments. If you are having trouble making your mortgage payment, consult with your lender to see if there is a program that they may have to help you save your home.
Many of the big states in the U.S. have recorded the highest number of home foreclosures. One out of every 398 houses in the U.S. is under the threat of foreclosure.
Nevada is one of the hardest hit States with one in 33 houses in foreclosure. This figure translates to over 34,417 homes in process of foreclosure. Florida is next with a mind blowing 165,291 homes in foreclosure, which equals one out of every 50 homes in foreclosure.
Almost 77 percent of the U.S is facing foreclosure. California is one of the leading foreclosed states along with Ohio, Texas, Detroit, Virgina, Michigan, Illinois, and Georgia.
Foreclosures in Las Vegas have seen as many as 14,861 homes in foreclosure. This means that one in every 54 homes are in foreclosure. Another staggering number is that 15 percent of all foreclosures are in the state of Florida.
Adjustable mortgage rates and high interest are major factors in the foreclosure crisis. Foreclosures hit a record high in 2009. In February of 2009 there were 117,259 homes in foreclosure equaling 68 percent more in February of last year.
There are many reasons to record foreclosures in the U.S. Home value depreciation and job loss are definitely two of the most significant factors in mortgage foreclosures in the country.
There is hope and a solution to curb these foreclosures numbers and help homeowners fight foreclosure. In an effective way to provide a solution to these foreclosure rates, most banks and lenders are providing homeowners with a repayment plan known as loan modification.Loan modification is a great solution in combating these horrific foreclosure rates by reducing the homeowners interest rate and lowering their monthly payments. If you are having trouble making your mortgage payment, consult with your lender to see if there is a program that they may have to help you save your home.
About the Author:
Anthony M. Flores is an expert in do it yourself loan modification , and a consultant in how to do loan modification
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