Foreclosure activity is at a two year high here in California, there has been a 33% increase in parts of Southern California. Foreclosure rate increases have also been spotted in Wisconsin, Massachusetts, Colorado and other states.
What is foreclosure exactly? When a borrower is in default on a loan or mortgage, the
creditor can enact a legal process to claim ownership of the collateral property. Foreclosure usually involves a forced sale of the property where the proceeds go toward paying off the debt.
How can you avoid foreclosure? Credit.com’s Gerri Detweiler recently wrote a great article called "How to save your home from foreclosure." This article details all the steps you can take during a financial crisis to ensure that your home is protected. The article shows you the pros and cons of foreclosure avoidance tactics such as refinancing, bankruptcy, HUD counseling and credit counseling.
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