The signs are there for 2011 and for homeowners facing foreclosure, they don’t look good. Despite the recent news that the reduction in the number of foreclosures in November that was the biggest decline ever recorded, there is no question homeowners will be subjected a new wave of foreclosures in 2011.
We would prefer that the November decline was good news but it's not. Industry experts like RealtyTrac agree that the decline was not due to economic factors. It’s an artificial drop that for most in foreclosure will not even achieve a temporary reprieve. Robo-signing has been a huge problem but as banks, lenders and the courts address it, there is every indication they will return to aggressive foreclosures in the first quarter.
It is only because lenders froze foreclosures until they could check whether their procedures were flawed that caused the moratorium. It is no coincidence that in states where courts are involved in foreclosures and banks are faced with scrutiny of their foreclosure practices filings dropped substantially compared to states where courts do not participate in foreclosures. There were nearly five times fewer auctions in the “judicial” states compared with “non-judicial” states. Banks are on a record pace to take people’s homes away. They seized more than 816,000 homes through the first nine months of 2010 and are on pace to seize 1.2 million by the end of the year. Lenders seized more U. S. homes this past summer than in any three-month stretch since 2006.
The good news is a huge number of foreclosures are being challenged in court because of allegations that banks evicted people without reading the documents or administrating them properly. Consumers need help from firms like Brookstone Law. Homeowners face nearly insurmountable obstacles when they try to modify their loans or get information from banks and lenders. They get hit from all sides: from robo-singing by banks and lenders, from courts that work like foreclosure mills and even by states like California where homeowners are prohibited from retaining expert attorneys to keep them from wrongful foreclosure.
Unfortunately, as evidenced Bank of America’s announcement last week that it was phasing out its moratorium, banks are going to get more aggressive, not less.
Look out for 2011 folks, the banks are coming!
For help, contact Brookstone Law at Brookstone-Law.com ( http://www.brookstone-law.com ).