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Foreclosures have been at the forefront of economic debate for quite some time now and although we are seeing less of them due to market improvement and programs such as HAMP and HARP (see descriptions below), many states are still reporting high foreclosure numbers. Below is a list of the states with the highest/lowest number of foreclosures for the 12 months ending in August 2012. (source CoreLogic)
States with the highest number of foreclosures:
- California ? 110,000
- Florida ? 92,000
- Michigan ? 62,000
- Texas ? 58,000
- Georgia ? 55,000
States with the lowest number of foreclosures:
- South Dakota ? 25
- District of Columbia ? 113
- Hawaii ? 435
- North Dakota ? 564
- Maine ? 612
Facing Foreclosure?
If you worry you may be at risk for foreclosure, there is still help available and the deadline for applications has been extended through Dec. 2013.
HAMP: The federal Home Affordable Modification Program offers loan modifications and other forms of assistance to homeowners who are employed and behind on their payments.
HARP: If you?re current on your payments but can?t find traditional refinancing because you owe more on your mortgage than your home is worth, the federal Home Affordable Refinance Program may be able to help you refinance into a new loan with more affordable payments.
To learn more go to:
makinghomeaffordable.gov
Beware of Foreclosure Rescue Scams
Unfortunately foreclosure rescue and mortgage modification scams are growing. HUD offers these tips to avoid being caught up in a scam:
- Beware of anyone who asks you to pay a fee in exchange for counseling services or the modification of a delinquent loan.
- Beware of people who pressure you to sign papers immediately or who try to convince you that they can ?save? your home if you sign or transfer over the deed to your house.
- Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never make a mortgage payment to anyone other than your mortgage company without their approval.
If you believe you have been the victim of a scam, you should file a complaint with the Federal Trade Commission (FTC). Visit the FTC?s online?Complaint Assistant?or call 877-FTC-HELP.
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Source: http://realestateappraisalalert.com/foreclosure-numbers-by-state/
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