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April 2017 Archives

Have foreclosure rates fallen to pre-recession levels?

National foreclosure rates -- including auctions, bank repossessions and default notices -- have fallen by 19 percent since the same time last year. Only 235,000 properties nationwide have been subjected to foreclosures in the first quarter of 2017. This information, reported by Attom Data Solutions, represents the lowest foreclosure rates since third quarter 2006.

What is acceleration in the foreclosure process?

Financial hardship and other reasons -- like illness or bad investments -- may result in your inability to pay your mortgage on time. When you can't make the mortgage payments on your home, it will eventually end up in the foreclosure process. However, before foreclosure, your mortgage could be subject to acceleration. Acceleration happens when the financial institution that issued the mortgage asks for complete payment of the entire amount owed due to the homeowner's failure to make timely payments.