Foreclosure Numbers

in the United States, foreclosure numbers have risen consistently with the declining national economy. With this recent rise in foreclosure numbers, the subject of foreclosure has become a much more significant issue in courts. It remains clear that foreclosure holds quite a negative impact on both parties involved - the homeowner and the lender. By law, the mortgage holder has the right to initiate foreclosure when the borrower, or in this case the homeowner, has defaulted. This is necessary in the way of protection for the lender, who has taken a significant risk in financing the home. However, the homeowner, who would be losing his home in a foreclosure, is also given rights during the foreclosure process. More specifically, the law gives protection from wrongful foreclosure, which can occur when the the lender has unlawfully been given a foreclosure, for various reasons.

Fast Facts

  • Nevada, Arizona, and California displayed the height of United States foreclosure numbers in February 2008.

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Articles

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  • When Will the Foreclosure Madness End?

    Would you believe it if I told you that over the last ten months, homeowners and lending institutions across t...
    • By: Richard Rubin
    • Site: foreclosurelawfirms.com
    • 8 of 10 user(s) found this useful
  • Renters and Foreclosure

    The sub-prime mortgage industry meltdown is now affecting renters whose landlords have lost their rental prope...
    • Site: foreclosurelawfirms.com
  • Guide to Foreclosure

    We hear about foreclosures every day. In the news, on the Internet, in magazines and in everyday conversation....
    • Site: lawfirms.com
    • 3 of 4 user(s) found this useful
  • Dallas Foreclosure Laws & Lawyers

    Dallas foreclosure laws are much the same as all other cities in Texas since foreclosure laws are set by the s...
    • Site: foreclosurelawfirms.com
  • Jacksonville Foreclosure Laws & Lawyers

    The Jacksonville foreclosure rate for the first quarter of 2009 was 25 percent higher than the same time as la...
    • Site: foreclosurelawfirms.com

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