Edward Stone, Attorney at Law Articles Fighting the Climbing Foreclosure Rate

Fighting the Climbing Foreclosure Rate

By Stone Law Firm  Sep. 6, 2011 5:07p

According to foreclosure listing firm RealtyTrac, foreclosure sales accounted for 31% of the market in the April-June quarter. Foreclosure numbers would have been even higher but were slowed by state and federal investigations into faulty bank and servicer paperwork resulting in delayed foreclosure sales. Once the investigations are completed, it is expected that foreclosure sales will again increase.  Bank owned homes accounted for almost 19% of all sales; these were homes that had been repossessed.

Homes that were in the foreclosure process sold for 21% less than the average home RealtyTrac reported, with the average price of a foreclosure at $164, 200 last quarter. Nevada had the most foreclosure sales of all the states which accounted for 65% of all home sales with Arizona coming in 2nd and California 3 rd.

Is your home facing foreclosure in Salt Lake City?

Losing your home can be a devastating experience for the entire family.  However there may be viable options that can prevent this from becoming a reality and a Salt Lake City bankruptcy attorney at the Stone Law Firm can help you determine what these are. If you have fallen behind on your mortgage payments and are considering the possibility of bankruptcy, but don't know how this will affect the situation with your home, we can sit down with you and go over the details in a free consultation. Sorting out what the best options are for you can give you an immediate feeling of being more in control and greater peace of mind.

Honest Legal Guidance is Available to You

With our extensive knowledge in financial counseling and bankruptcy procedure at the Stone Law Firm, we are uniquely qualified to assist you in even the most complex foreclosure situation.  If there is a way we can help you keep your home, we will thoroughly look at all options and do everything possible to make this occur. In these uncertain economic times, one sometimes has to get creative when it comes to financial solutions and this is where we can be of help. Bankruptcy may or may not be the best option for you but you will be able to make an informed decision after a consultation on the matter.

Contact a Salt Lake City bankruptcy attorney in our office to arrange an appointment today.

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