Think that the increase in foreclosure rates doesn't affect
you? Think again.
Even if you are not in danger of loosing your home to the
foreclosure crisis, you stand to lose a lot more than you
bargained for.
The numbers are staggering. According to RealtyTrac,
Nevada has the highest foreclosure rate, one in 54
households received a foreclosure notice in the first
quarter which is 3.6 times the national average.
California had the second-highest rate, followed by Arizona
the third.
The numbers pretty much speak for themselves, with 243,353
receiving notices in April. This is a vast increase from
April 2007, when "only" 147,708 homes received the same
notice. This was also a 4% increase from March. The numbers
are based on a report from RealtyTrac Inc.
Foreclosures are on the rise due to an increased number of
speculators who bought homes assuming that housing prices
would increase indefinitely and due to shady sub prime
lending practices. Without swift and decisive action,
foreclosures they will continue to rise.
Why should you be concerned with the rise in foreclosure
rates?
The trickle down effect of foreclosure can also have a
serious impact on your community. One foreclosure can ring
up as much as $34,000 in local government agency bills.
Trash removal, unpaid utilities, sheriff and police costs,
inspections and potentially even demolition of the property
all contribute to that cost. Property values also decrease
near foreclosed properties. In some housing markets, up to
$220,000 in reduced property value can be expected
Crime is common effect of rising foreclosures. Foreclosed
homes are usually looted hours of being vacant. Aluminum
siding, gutters, doors, windows, molding, appliances and
basically anything else of value is stripped from the home
and sold for profit. These homes are typically wrecked in
the process as well, with looters using sledgehammers to
break through walls to remove valuable copper wiring. With
windows and doors removed, houses are open to the elements.
Many abandoned houses become dumping grounds for people
that don't want to pay for trash removal.
We all have a responsibility to act aggressively to help
families stay in their homes and to stem the tide of
foreclosures that continues to serve as a serious drag on
our overall economy.
If you know somebody - a friend, a family member, a
neighbor - that is facing foreclosure, don't just turn the
other way and ignore their problem. Their problem could
soon become your nightmare. There is help available for
anybody facing foreclosure. Until Congress acts to remedy
the situation, there is legal assistance available, and
some lenders accept some sort of financial forbearance
including skipping a payment, extending the grace payment
for making late payments, or accepting reduced payments.
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Are you facing foreclosure? Our service can help you stop
foreclosure and get you current on your mortgage. Visit
http://stop-home-foreclosures.org to start.
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