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What is the status of foreclosures?

Across the nation property values are on the increase.  Each state is seeing a different percentage of turn around, but each state is seeing some positive results.  “CoreLogic …just released new analysis showing approximately 791,000 more residential properties returned to a state of positive equity during the third quarter of 2013, and the total number of mortgaged residential properties with equity currently stands at 42.6 million. The analysis indicates that nearly 6.4 million homes, or 13 percent of all residential properties with a mortgage, were still in negative equity “upside down” at the end of the third quarter of 2013. This figure is down from 7.2 million homes, or 14.7 percent of all residential properties with a mortgage, at the end of the second quarter of 2013.”

In an effort to look at the glass as half full – I am happy that property is once again appreciating in value.  My concern is that most of the HELOC (home equity lines of credit, or second loans on the home) come due starting in 2017.   Most likely the maturity of these loans will result in another wave of defaults.  This will result in additional foreclosures because the homeowner cannot sell their home due to the total debt.

Diane L. Drain

We have several videos on this site.  Below are a few:

  • Should I keep my house or let it go to foreclosure?
  • What Are the Lenders Foreclosure Rights in Arizona?
  • Options in Bankruptcy, with Notes on Getting Help
  • Suggestions on How to Hire an Attorney
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Diane L. Drain

Diane L. Drain, bankruptcy attorney, retired law professor, mentor and community spokesperson.

About Diane Drain:

Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.

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*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*

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