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Foreclosure Seizures At Record Levels


Posted on May 13, 2010

According to reports from the Associated Press, U.S. banks seized a record 92,000 homes across the country in April 2010.

Although RealtyTrac, Inc., a foreclosure listing firm in Irvine, Calif., reported a decline in the number of new foreclosure filings, that number was blunted by the record setting statistics of foreclosure seizures. And, there appear to be signs of millions of more foreclosures ahead. Nearly 12 percent of all households with mortgages have reportedly missed at least one mortgage payment or were in foreclosure in March 2010. 

Tough economic times are the main catalyst for foreclosures in 2010. However, many other factors including unpaid medical bills and divorce can place tremendous strain on a household's finances.

Among states, Nevada posted the highest number of foreclosures in April, with 1 in every 69 households receiving a foreclosure notice. Next on list were Arizona, Florida, California and Michigan.

With the record number of seizures, it is only logical that the numbers of wrongful foreclosure lockouts and trashouts will increase across the country.  A typical wrongful foreclosure lockout often involves a real estate management company that works for a bank entering a home without prior notice, changing locks, taking personal items, and winterizing the house. See related video story here.

Victims of wrongful foreclosure lockouts and seizures have rights. Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lockout or trash-out of a borrower's home. Although we are licensed in Massachusetts, we can associate with qualified attorneys in your state.
     
Sources: CBS News.com and The Associated Press

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