As a result of the recent housing crisis, the government has taken big steps to help homeowners stop mortgage foreclosure. Perhaps the most well-known among these are the Housing and Economic Recovery Act, and the Homeowner Affordability and Stability Plan.
With the piles of vacant properties already crowding many areas real estate inventory across the nation and a great many home owners are having their credit rates gutted as many homes fall into foreclosure, many banks are turning to alternatives to standard foreclosure proceedings.
RealtyTrac has reported a nationwide increase in foreclosure rates—something that still came about after efforts of preventing foreclosures have been done. Critics are quick to suggest that the “efforts” were only there to forestall, not prevent, the foreclosure problem.
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