presented by: Gary Massey
Banks are moving more quickly than in the past to enforce foreclosures, pushing the rate of foreclosures nationwide higher than before, according to a recent article by MSNBC.
The number of U.S. homeowners who were sent a default notice from July to September 2011 increased 14 percent over the number who received them between April and June 2011. According to MSNBC, the increase means that banks are now pushing to foreclose against borrowers who have not been able to keep up with their mortgage payments. This increase is the first since banks throughout the mortgage industry began having problems with foreclosures earlier this year, including foreclosing on property owners who did not actually have a mortgage.
An initial default notice is the first step down a path that may end in foreclosure. Most of the increase in foreclosure notices between July and September occurred in August, when the number of initial default notices sent was ten percent higher than it was in the following month.
Experts say that an increase in foreclosures may also indicate a turnaround is on the horizon for the housing market which has slumped significantly in recent years. As long as many potential foreclosures remain on the market, say experts, there isn’t likely to be a spike in buying, selling, or building. For the moment, however, there remain many foreclosed homes on the market that no one has purchased.
Foreclosure can be a scary process, especially when you have a family to consider. If you’re facing foreclosure or other financial trouble, the experienced Tennessee bankruptcy lawyers at Massey & Associates, P.C. can help. For a free and confidential consultation, call us today at (423) 396-0720.
Gary Massey, Jr., is a well-known courtroom advocate practicing law in Chattanooga, Tennessee. Gary is a native of Tennessee who began practicing law in 1998. He graduated from Cumberland School of Law where he was ranked in the top 3% of his class and was an editor of the Cumberland Law Review.
