Foreclosure rates have increased for the first time in roughly four years. About 52,000 homes went up for auction in the U.S. a 1% increase in the last year. This is dramatically high due to the turns in the economy and jobs being lost. People are not able to hold their homes without the income that they previously had. We try our hardest to make the problem for so many go away by purchasing the property and relieving the headache of a possible or imminent problem that are on so many peoples mind.
Daren Blomquist, spokesman for RealtyTrac, which reported the August data, said this does not mean the return of the mortgage meltdown. A lot is looking promising at this point going forward with the real estate market and here in Texas it should turn around some what faster than the rest of the country.
Many of these foreclosures were delayed from late 2010, when lenders were found to be acting too fast on foreclosures. This is also around the same time as the robo-signing scandal.
As a result of the scandals surrounding procedures, many states put regulations or laws in place to protect the borrower. Now we are seeing those homes that were facing foreclosure in 2010 make it to the auction list.
New Jersey is one of the states that put in laws protecting borrowers. Lenders are required to show proof that they have investigated each case and contact the borrower prior to a foreclosure suit being filed.
If you are facing a situation like this give us a call today to see how we can help you. We will buy your house and help you pay off your mortgage and help with any issues that you might have including back taxes or other liens on the property that you own.