No doubt many news outlets and real estate bloggers will be reporting this data as well, but for more of the gory details, check out FRANCINE KNOWLES' summary in the Sun Times.
There are many ways that homeowners confronted with delinquency notices or foreclosure lawsuits can minimize - or avoid - financial loss. This can only happen if the homeowner is willing to confront the problem and acts quickly to mitigate potential losses.
Homeowners facing mortgage delinquencies or foreclosures should consult an experienced real estate lawyer to evaluate their situation and to help deal with their lenders.
There are often several options available including -
- loan forbearances
- loan modifications
- deeds in lieu of foreclosure
- short sales
If you do know someone facing foreclosure, the best thing you can do to help them, it is to urge them to seek legal counsel at the earliest possible opportunity.
Please let me know if you want to learn more, if you know anyone who is in need of assistance.