About 60 percent of homeowners in Arizona, California, Florida, Georgia, Michigan and Nevada are facing the possibility that their properties will be foreclosed.
Ian Hirsch's experiences in his foreclosure prevention work illustrate the challenges faced by borrowers, mortgage lenders and debt adjusters like him and preventing houses from becoming foreclosed homes in Nevada.
The economy and the housing market are facing bleak outlook as unemployment and mortgage delinquencies increase and real estate prices drop resulting to an abundance of cheap houses for sale.
Foreclosed home numbers are expected to increase in the next couple of years because of the scheduled resetting of interest-only loans. According to a research firm, 2.8 million homeowners are currently paying interest-only loans.
Based on a report, Florida ranks third in terms of underwater mortgages. With such a housing scenario, it can be assumed that the number of foreclosures for sale in the state will soon rise.
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