Mortgage Foreclosures Trending Upward in United States
Mortgage foreclosures in the United States have increased 43% in just one year, according to new data in the Q3 2006 U.S. Foreclosure Market Report.
The report indicates that 318,355 properties nationwide entered some stage of foreclosure during the third quarter of 2006. This increase in foreclosures reveals a disturbing effect of the tough economic times in the United States as many families are struggling to make ends meet and pay monthly mortgage payments.
With that said, filing for bankruptcy may be a solution for financially-strapped families hoping to keep their homes and avoid foreclosures.
If you're behind on mortgage payments and worried that foreclosure is in the near future, a local bankruptcy attorney may assess your current situation and determine whether a Chapter 13 bankruptcy plan may apply to your financial needs.