How Likely are Banks to Foreclose

I wrote this article to show people how likely banks are to foreclose. People have a general understanding about the number of homes that enter foreclosure. I would say that most do not know that the number of foreclosure can be in the 40,000 – 50,000 per month range. Below is a chart that shows these numbers with the number of foreclosed homes in that month.

How many homes enter the foreclosure process and how many actually finish in foreclosure vs an alternative to foreclosure option.

Foreclosure Starts
August 2016 September 2016 October 2016
58,197 47,410 45,893
 

Foreclosure Sales

August 2016 September 2016 October 2016
25,834 23,717 19,394
 

Percentage That Were Foreclosed

August 2016 September 2016 October 2016
44.39% 50.02% 42.26%

 

You have many alternative options to foreclosure

It is always best to speak with the bank first.  If you have fallen behind due to loss of employment or a serious health issue, you may qualify for a hardship program. But, there comes a time when the banks are not in your favor. You may need a group that can stand with you in your corner and help defend the sale of your home. Foreclosure is not always a choice but you can fight against the banks whose real interest is in the value of your home and the loan. Banks have faced many lawsuits regarding them not following procedure when it comes to foreclosure due process. You are entitled to have someone review your situation. if you are looking for help, fill out the form or give us a call. Remember that banks are likely to foreclose on you once the process has started.