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Home  >  Foreclosure Defense  >  Effects of foreclosure crisis still felt in the US

Effects of foreclosure crisis still felt in the US

The chilling effects of the housing crisis are still being felt today by many homeowners nationwide, the Orange County Register stated on July 14.

In the recent CoreLogic report in the month of May, it was reported that about 7.8 million homes nationwide have been seized by lenders since 2004. Even though foreclosure rates continue to decrease compared to the past decade, in May alone, 41,000 homes were foreclosed. The report also revealed that there were 1.3 million homeowners defaulting on their mortgages and there were 491,000 homes undergoing different phases of the foreclosure process. According to CoreLogic, compared to the foreclosure rate in 2011, May’s data is an improvement.

Having your home threatened by foreclosure is stressful, especially if you feel you are running out of options to secure your home for you and your family. However, there may be legal options that could help you keep your home. Call the Cedar Rapid attorneys of Hong Law, PLC, today at (319) 294-5853 to discuss your options.