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June 16, 2015

Are Foreclosures Still A Huge Problem?

Are Foreclosures Still A Huge Problem?

According to NPR, the number of foreclosures in Nevada is up 40% over last year. This amounts to about 900 foreclosure starts in one month statewide. “RealtyTrac, a real estate analytics firm, found one in every 555 homes statewide was subject to a foreclosure filing.”

And the problem isn’t confined to Nevada. From March to April, Arizona saw an 83% increase in foreclosures. In Washington, there was a 37% increase and Texas was 26%. Over the past year, Washington, foreclosures went up 31%.

Foreclosures are still a problem, and from what we see at McCarthy Law, dual-tracking is still a problem as well. Dual-tracking is when a homeowner is applying for a loan modification or short sale with their lender, and their lender forecloses on them without officially responding to the loan modification.

If you were dual-tracked and foreclosed, call our firm for a free consult on how to recover damages from your lender. If you have a debt collector calling you post-foreclosure asking for more money, contact an attorney who can determine if you owe a deficiency post-foreclosure and how to resolve that deficiency.

From the desk of Lead San Francisco attorney Alison Cordova