According to recent statistics, an increasing number of U.S. home owners have fallen behind on their mortgage payments. The number of home owners facing foreclosure is now up 65 percent, compared to the same time last year.
RealTrac reports that approximately 240,000 homes across the US have received at least one foreclosure-related filing in April of 2008. US states with the highest foreclosure rates include Florida, Georgia, California, Nevada, Arizona, Colorado, Maryland, Ohio, Michigan and Massachusetts. It is estimated that more than 1 million homes will be foreclosed on in 2008.
In addition to alarming foreclosure rates, the average US home owner is also dealing with declining home values, weakening home sales, and the suffering US economy; all of which contribute to the rising foreclosure rates in one form or another.
The US government has attempted to present possible solutions for the present housing crisis. The House of Representatives have passed a bill offering $300 billion to be used for refinancing new mortgages, and another $15 billion was allotted for the purchase and renovation of foreclosed homes.
If you are receiving threatening letters from your mortgage company, contact Real World Law today. We can help you save your home from foreclosure. For more information, please visit our Save Your Home From Foreclosure page.