Home foreclosure is a process that allows a lender to recover money owed on a defaulted loan by repossessing or selling the home in question. Home foreclosure rates in the United States have been steadily increasing since 2006 with over 291,000 homes foreclosed in February of 2009.Reuters: U.S. foreclosure filings rise in Feb... (March 12, 2009)
On February 18, 2009, President Barack Obama introduced a $275 billion housing stimulus plan that he hopes will slow the rate of foreclosures in the U.S.Reuters: U.S. foreclosure filings rise in Feb... (March 12, 2009)
Tips to Avoiding Home Foreclosure
- Don't ignore the problem.Chicago Tribune: Home foreclosure: How to avoid it (March 12, 2009)
- Get help by finding a counseling agency.Chicago Tribune: Home foreclosure: How to avoid it (March 12, 2009)
- Open and respond to mail and phone calls from your lender.Chicago Tribune: Home foreclosure: How to avoid it (March 12, 2009)
- Prioritize your spending to put all available money towards your mortgage.Chicago Tribune: Home foreclosure: How to avoid it (March 12, 2009)
- Avoid foreclosure prevention companies.Chicago Tribune: Home foreclosure: How to avoid it (March 12, 2009)
- Watch out for home foreclosure scams.Chicago Tribune: Home foreclosure: How to avoid it (March 12, 2009)
References
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One household in every 440 with mortgages received a foreclosure filing in February 2009Reuters: U.S. foreclosure filings rise in Feb... (March 12, 2009)
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In Nevada, one in every 70 houses with mortgages received a foreclosure notice in February 2009Reuters: U.S. foreclosure filings rise in Feb... (March 12, 2009)
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Some areas, such as the Salem, Oregon area actually experienced a drop in foreclosures in February 2009Statesman Journal: Area foreclosures drop... (March 13, 2009)
