Many people throughout the nation are facing financial difficulties. In some cases, these difficulties put homeowners’ houses at risk for being lost in a foreclosure. Though the number of these actions has fallen off over the course of that last couple of years, following the predictions of experts, the number is once again on the rise.
The number of foreclosures in areas such a Miami have been unbelievably low, and come to nearly a complete standstill due to the robo-signing scandal which multiple banks were involved in. The reason for the increase now is the recent $26 billion settlement reached in the matter.
Marketer of foreclosed properties, RealtyTrac, provides information supporting the contention. It recently issued a report on the matter that contained information collected from 212 metro areas. One of those areas was Miami. According to the marketer, the number of foreclosures in the quarter preceding the discovery of the robo-signing scandal was 58,000. In the first quarter of 2011, the number was down to 19,000. After the first quarter of 2012, the number had risen to 26,000.
Homeowners facing foreclosure may feel that there is nothing that can be done to save their home. Those people would likely be happy to hear that there may be something they can do to avoid the process. Filing for bankruptcy, under Chapter 13 for example, may be one of those options. The automatic stay that immediately issues after a bankruptcy is filed, immediately halts any foreclosure proceeds that are underway. It also makes it impossible for a foreclosure action to be commenced.
A bankruptcy attorney can help determine if this is a possibility.
Source: Collections & Credit Risk, “Foreclosure Filings On An Upswing,” April 27, 2012