Foreclosures Continue To Rise

Foreclosures continue to rise across the country. Despite the moratorium place on foreclosures by many lender, it is not at all surprising that foreclosures (and pre-foreclosures) continue to increase. Here are a few reasons we believe foreclosures are growing:

• More lenders are following the new rules for foreclosure by giving earlier notice.
  
• More homeowners are unemployed, or have had their pay significantly decreased
• More homeowners have simply stopped making their payments, despite an ability to pay
• Home prices, though stabilizing in many areas, have created negative equity for homeowners
• Many lenders are avoiding bailout funds, due to the "strings" attached
• Loan Modifications and Short Sales continue to be difficult and time consuming