Millions of Americans have been affected by the recession and many have lost their home due to foreclosure. Many families have fallen behind on their mortgage payments and before long receive foreclosure notices. It can be a frightening and confusing time, but a new report suggests that there may be a light at the end of the tunnel.
RealtyTrac released a report on Monday that showed that foreclosures are down more than 30 percent compared to last year all across the country. More specifically, foreclosures in Tennessee are down more than 3 percent.
The total number of foreclosures in Tennessee last month was 2,578, down almost 12 percent from September of this year.
Nevada, California and Arizona were the states with the largest amount of foreclosure filings. Tennessee came in twenty-ninth compared with the rest of the country.
Despite the good news, the Chief Executive Officer of RealtyTrac says new court rulings and changes to state laws may hurt the housing market and prevent a full recovery.
Tennessee residents who are facing foreclosure may benefit from the advice and guidance of an attorney experienced in bankruptcy and foreclosure. The attorney may be able to determine the best course of action.
In some cases, the attorney may be able to stop the foreclosure all together. An attorney has until an hour before the sale begins to stop foreclosure. A family's home is often their most important possession. By working with an experienced attorney, families may be able to keep their home and begin down a path of financial stability.
Source: Nashville Business Journal, "Report: Tennessee foreclosures decline in October," Nevin Batiwalla, Nov. 14, 2011