Foreclosure rates have fallen for the first time in 40 months but it can’t be attributed to a decrease in filings. According to the Huffington Post, the lower foreclosure rate is caused by slowdown in the paperwork and not because of economic recovery.
Chief executive officer of RealtyTrac, James J Saccacio, stated “The slowdown continues to be largely the result of massive delays in processing foreclosures than the result of a housing recovery that is lifting people out of foreclosure.”
Banks have voluntarily changed their foreclosure practices because of federal probes into their unethical foreclosure practices. The paperwork delays are the likely result of banks changing the way they handle the paperwork and these foreclosed homes will enter the market late on driving home values down even more in the future.
Millions of people in the country are facing foreclosure, mostly because if subprime loans and the high unemployment rate. Since economic recovery has been slow, foreclosures will continue to be a problem. The homeowner who hires a foreclosure attorney might have the chance of keeping their home.
A foreclosure lawyer can apply their experience and help the homeowner challenge the banks decision to seize their home. There are many people who are wrongfully foreclosed because mortgage lenders deny modifications. Hiring a foreclosure attorney will allow the homeowner the opportunity to face the questionable practice of mortgage lenders and potentially stay in the home they worked hard to obtain.
