The thousands of homes that were sitting on the foreclosure
pipeline have now started moving through the system as banks have mostly
resolved the robo-signing issues. A new report from Loan Processing Services
showed that foreclosure starts spiked to 28 percent in January.
In addition to foreclosure starts, repeat foreclosures also
rose to 47 percent. A repeat foreclosure is either a failed modification or a
modification that was not approved, according to CNBC.
Although banks and foreclosure attorneys are more aggressively pursuing
modifications there are some mortgage loans that simply cannot be
rehabilitated. LSP reported that there are close to 4 million homes at some
stage of delinquency and banks are moving faster to move these homes through
If the banks can move these homes quickly and find new
buyers the sooner the housing market can recover so there is a push to get the
LPS also said that foreclosure home sales increased to 29
percent in January over the last month.
Many homeowners are facing the possibility of losing their
homes. They have some options available to them and a foreclosure lawyer can explain these options and determine if they
will be able to avoid eviction.
The people served with foreclosure papers often feel
paralyzed, not knowing what to do. Ignoring the problem won’t make it go away,
but when these individuals get the assistance of foreclosure attorney conquering this problem won’t seem impossible.