If you are at risk of foreclosure, your mortgage lender is going to ask if you are interested in a loan modification. This idea has a lot of appeal if you want to keep your home. If it works, that's great! You don't have to move and in most cases you'll get a lower payment every month.
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.
Yes, the worst of the financial crisis is behind us. But even though the economy seems to be regaining its momentum, many individual American workers and homeowners are being left behind. As I wrote recently, in many parts of the nation foreclosure rates are actually still rising. If you are one of the millions of Americans who are still facing the threat of foreclosure, you may be able to get mortgage help through the Hardest Hit Fund.
Last May, while still on the campaign trail, Donald Trump told Reuters that he would “dismantle” the Dodd-Frank legislation. This concerns us greatly. The full name of this huge piece of legislation, the “Dodd-Frank Wall Street Reform and Consumer Protection Act,” reveals exactly why we need it: it regulates the big banks, and it protects consumers.
Once you fall behind on your mortgage, the amount you’re behind is called the arrears.
In light of recent announcements of local job cuts, Ark Law Group is inviting Boeing employees who may have trouble making mortgage payments, or who are at risk of foreclosure, to apply for pro bono legal counsel.
Losing a home to foreclosure is a nightmare everyone wants to avoid. If you’re in danger of missing your mortgage payments and think you can’t stay in your home, but you can’t sell it for the amount you still owe, a short sale may be the best thing to do. (You may have other options, as well. Make a free phone call to Ark Law Group at 1-800-603-3525 to find out what those options are.)
When you sign up for your mortgage, you never think what would happen if you lost your job. But things like this do happen, and it can be nerve-wracking. Don’t add to your stress. Talk to your mortgage lender right away about unemployment forbearance.