Are You Facing a Foreclosure?

If you’re very close to going through the foreclosure process, don’t feel alone there are millions of people across America in the same situation. The harsh economy, unemployment rate and large inventory of homes is not helping the situation. Investors have also let go of many properties they owned and homeowners have also walked away from their underwater mortgages.

Just this past July, an online marketplace for foreclosures said that one in 611 housing units received a foreclosure filing. This is actually a declining figure compared to 2010 ( a 35% decline) however it’s definitely not a good situation. Those declining figures are due to many factors like the robo-signing and don’t necessarily reflect the entire truth of the market. That’s what so many people are still facing foreclosure processes with some states definitely taking the lead.

10 states account for more than 70% of the entire foreclosures in the U.S. These states are California, Florida, Georgia, Illinois, Arizona, Nevada, Ohio, Wisconsin, Utah and Michigan.

If you are facing foreclosure , there are certain steps you can take to make the situation a little smoother. For examples it’s important that you keep in touch with your lender. Don’t hide or avoid them. Take a close look at everything they send you by mail and email. Read the letter, take the phone calls, discuss your alternatives or at least find out how to best handle the unfortunate situation. There might be programs you’re not aware of that an alleviate some of the stress.

You can also try foreclosure counseling with a financial advisor that’s an expert at foreclosure dealings. These foreclosure counseling sessions are supposed to be free of charge, so if someone is asking you to pay, look somewhere else for credible help, not someone trying to take advantage of your unfortunate situation. Many housing counselors are working in tandem with the federal government.

Refinancing might be an option. There are low interest rates these days and if you have a good credit, the bank might be able to work with you so you both are in better positions.

Last but not least, it’s important that you prepare yourself for the worst: a definite foreclosure where you have to evacuate your home. Prepare where you’d like to go and have a professional moving company picked out already, so you can at least save your personal belongings. Working with a moving company like the local Salt Lake City movers for example, will alleviate some of the stress of moving day. We’re a reputable moving and storage company with anAll My Sons Moving and Storage network across the U.S. so you know your family will be in good hands. Our local Salt Lake City moving specialists will quilt pad wrap your furniture as well as help you with the dissembling and reassembling in your new home.