Are Home Foreclosures At An All-Time High?
According to RealtyTrac, a record 1.2 million homeowners lost their homes through foreclosure in 2010, an all-time high. Compare that to 2005, before the housing bust, when only 100,00 Americans lost their property due to home foreclosure. There appears to be a slow-down in activity even though more than 3 million homes are still at some stage of foreclosure. States with the highest rates of home foreclosure are California, Nevada, Florida and Arizona. A congressional panel reported that the Home Affordable Modification Program (HAMP) has failed to help 3-4 million homeowners as was hoped. Still, HAMP will prevent up to 800,00 homeowners avoid foreclosure.
At the same time, bankruptcies for non-businesses were over 1.5 million. Much of this activity can be traced to consumers using the equity in their homes to pay down credit card debt and then watching as the market deteriorated causing their homes to lose value. Other families were victims of predatory lending practices.
If you have a question regarding Bankruptcy in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
