Foreclosure rates rising across the nation

On Behalf of | Jul 17, 2015 | Foreclosure |

Texas homeowners may be interested to know that although their home state isn’t among the top 10 for foreclosures, the national averages are rising. According to statistics published in June 2015, one out of every 1,041 homes or housing units had undergone filings in the few preceding months. Analysts said that more bank actions to repossess homes and state-level attempts to rectify distressed properties contributed to the increases, resulting in foreclosure levels in May 2015 that were the highest in 19 months.

Among the states with the highest foreclosures were Florida, New Jersey and Tennessee, which had figures at almost twice the national rate. Florida topped the national statistics for the third consecutive month. Mortgage payments remain an issue of concern for hundreds of thousands of American homeowners who might risk lowered credit scores and the inability to secure housing in the future.

The reported data included filings such as default notices, repossessions by financial institutions and scheduled auctions. Other factors impacting the spike in foreclosures included the fact that lenders were pursuing many cases that were previously languishing in court. One real estate professional noted that even though fewer homeowners were entering foreclosures than had been doing so before the housing crisis, the number of people actually llosing their homes was on the upswing.

Homeowners who want to stop a mortgage foreclosure have numerous legal options. Although banks and other lenders can pursue cases and issue notices at their discretion, housing laws prevent them from taking unfair advantage of families who can’t pay, and owners may be able to contest notices they receive. Those finding themselves in this position may wish to speak with an attorney to see what alternatives may be available.