Although foreclosure rates in Washington state are dropping, we are nowhere near clear of the problems yet. Pierce County currently has the highest foreclosure rate in the state, with one in 1233 homes presently in the foreclosure process. Not far behind are Mason, Thurston, Skagit and Stevens counties. (Data from RealtyTrac, February 2017).
Although foreclosure rates have been dropping nationwide, New Jersey has the unfortunate distinction of having a foreclosure rate which has spiked upward late the last year. New Jersey now has the highest foreclosure rate in the country, with one in every 495 homes currently at some stage in the foreclosure process - a rate more than three times the national average. And some parts of the state have it even worse: the foreclosure rates in Gloucester, Camden, Salem, Burlington and Sussex counties are all near double the state average or higher. (Data from RealtyTrac, March 2017).
The foreclosure rate in Arizona is only slightly higher than the foreclosure rate nation-wide, but it is. Currently, one in 1486 homes in Arizona are in the foreclosure process, which is only slightly higher than the national average foreclosure rate. However, Arizona’s foreclosure rate has risen by 27% just in the past month. And the foreclosure in some parts of the state is much higher - for example, in Santa Cruz, Pinal and Puma counties, where the rate is 50% or more above the Arizona average. (Data from RealtyTrac, March 2017). As of the beginning of 2017, 11% of homeowners were underwater with their mortgages, a situation that puts them increased at risk of foreclosure.
You’ve done everything the bank has told you to do—possibly more. You’ve gathered paperwork, calculated and re-calculated your income and expenses, and maybe even looked into hiring an attorney.
Real estate and financial industry analyst RealtyTrac released data on USA foreclosure statistics for 2016 this month. There is definitely some good news in the report, as year-over-year foreclosure rates have been dropping for fifteen months now. But the news is far from all good, as the foreclosure rate continues to increase in across around one quarter of our country.
Let’s take a closer look:
When it comes to foreclosure, you probably have a lot of questions; for example, you might wonder, how long does foreclosure take? How soon will your house be foreclosed on once you stop making payments? When do you have to leave your home once it's been foreclosed on?
Are you one of the millions of Americans who will research how to avoid foreclosure this year? Have you just gotten the news that you could be losing your home? If you think that foreclosure is the only way to finally settle your financial troubles once and for all, there is a strong possibility that you're flat out wrong. Problems with your mortgage do not always require foreclosure in order to be resolved. In many cases, you can actually learn how to avoid foreclosure and get things back on track in other ways.
Everyone has heard different things about the dreaded foreclosure process. Here’s the thing: no matter who you are, foreclosure is a stressful, confusing and oftentimes devastating thing to experience.
After being in their family for five generations, Lenard and his wife Annabel Hill’s cotton and soybean farm was on its way to being sold out from under their noses back in September of 1986. In a final act of desperation, Lenerd killed himself 20 minutes before their scheduled auction, with the impression that his life insurance policy would save their beloved farm. He was wrong.
Are you struggling with foreclosure? A Washington foreclosure attorney can help you understand both federal and state laws that apply to your situation, and help you determine where to go from here.
If you are a homeowner in this state, you may have wondered how do foreclosures work in Washington. Even if you’ve made all your mortgage payments to date and are in good standing with your bank, it’s important to understand the process in case your situation changes.
People often come to us asking if they can “take over a loan” or “remove someone from the loan.”