Foreclosure has become a mainstay in our vocabulary for the past five to six years. Nearly everyone hears about it every day or has been personally affected by it. It’s unfortunate to say, but it is something that we have just had to learn to deal with day in and day out. Recent trends posted through the first quarter show that foreclosure does not seem to be going anywhere soon. According to RealtyTrac.com, “114 out of the nation’s 212 metropolitan areas with a population of 200,000 or more” saw an increase in foreclosures.
Why are Foreclosures Increasing?
Let us keep in mind that this is only through the first quarter and that annual trends have the market heading in a better direction. But with the job market still not completely in touch with those needing the jobs, employment is still down. This, combined with the fact that many individuals have been forced to take less paying jobs, leads to some foreclosures. Taking a pay cut can seriously hinder your ability to pay your mortgage.
If you have found yourself in such a situation then you can relate to what many Americans are facing. But, just because you may be down on your luck does not mean that you should just settle for the inevitable.
In fact, you should take a look at loan modification. Keep in mind that your lender does not benefit from you going under on your loan. Contact a local foreclosure attorney and seek advice. There are options available to you besides just letting your loan go. Seek them out and find the one that works for you.