Many states across the nation are experiencing record numbers of foreclosure. The states hardest hit by foreclosures are California, Nevada, Arizona, Idaho and Utah. Findings indicate there is a direct link between unemployment and the number of homes that are being seized by banks whose occupants must hire foreclosure attorneys. In an effort to add stability to neighborhoods hit hard by foreclosures, The US Department of Housing and Urban Development, HUD has awarded numerous areas hit hard by unemployment and foreclosures with stimulus money.
In the US over 5 million homes have entered foreclosure proceedings. There a numerous individuals who chose to walk away from their home loans in spite of the tarnish it puts on their credit score which could be prevented with the expertise of a foreclosure lawyer. HUD’s goal is to provide housing for low-income families as well as encourage growth in the real estate market which has been struggling and has reached its lowest point since 2007.
States with the highest unemployment rates that have been awarded stimulus packages include California, Arizona and North Dakota have been awarded millions of dollars to low income provide housing and renovate home which have been previously foreclosed. Foreclosed homes often sit vacant which can have negative economic impacts on the neighborhoods where they are located but with HUD funding provide housing for low-income families. When faced with the loss of a home individuals could greatly benefit from the guidance of a foreclosure attorney.
