Home mortgage foreclosures rise in third quarter

Posted on December 23, 2009. Filed under: Uncategorized |

The Christian Science Monitor has a story out today about the rise in foreclosures.  We are hearing conflicting reports from many sources, but the news does not look good, based on this new report.

One of the key factors is that the highly touted HAMP foreclosure assistance program from the government has been a complete failure.  We have had many clients to try these assistance programs, only be tied up in additional red tape, and the foreclosure process is never put on hold.  While they falsely believe that their home foreclosure will not happen while they are working with their mortgage company, they find out that their home is still set to be sold.

Oftentimes, in these situations, Chapter 13 bankruptcy is the only remedy to stop the foreclosure to allow the arrearage to be paid back in a plan administered by the bankruptcy court.

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