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Officials Predict More Foreclosures On the Horizon


Posted on Mar 11, 2010

March 11, 2010 - Boston, Mass. - Despite some cautiously optimistic forecasts for the country's financial future, officials have said they believe more struggling homeowners than expected will likely succumb to foreclosure this year.

SouthCoastToday.com
reports that continuingly high unemployment rates mean that many people are likely still at risk for losing their home to foreclosure. Though the number of home foreclosures did drop last year, it rose again when several lenders increased foreclosure proceedings at the close of the year.

The good news is that some experts predict that the number of foreclosures will likely not rise as high as the initial surge. Though some officials predict that the worst has passed, there are still thousands and thousands of homeowners expected to lose their homes this year to foreclosure.

It is worth noting that many foreclosures could be attributed to subprime loans and predatory lending practices by banks that sold to people who clearly could never afford the loan. It is predicted that most current and future foreclosures will be brought on by more "natural" causes, such as illness, job loss, and divorce.

It is hoped that loan modification efforts will prevent another surge of wrongful foreclosures, though the number of loans that have been modified pales in comparison to the number of homeowners who have missed recent payments, or who are meeting with lenders that are unwilling to modify their loans and help them to save their homes.

The Massachusetts wrongful bank foreclosure attorneys at Phillips & Garcia will fight for your rights in your foreclosure class action case. We are committed to protecting your best interests and helping you collect the damages you need and deserve to move on with your life. Contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.

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Legal Help for Wrongful Foreclosure and Seizure in Any State.  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, lock-out and trash-out of a borrower's home.  We are licensed in Massachusetts and associate with a qualified attorney in your state.