A 10 percent decrease in the nationwide foreclosure rate was observed in February when compared to the same month last year, a report of Orlando Business Journal stated on April 12.
According to reports, the recorded foreclosure inventory across the U.S. in February was only 1.1 percent, or 434,000 properties, compared to the 571,000 recorded in the same month last year. Last February’s recorded foreclosure level was considered the lowest in terms of months since 2007. Home owners nationwide, who have struggled to settle their mortgage in 90 days, also declined in February by 19.9 percent. The state of Florida remains in the top spot of the five states identified by CoreLogic with highest foreclosure rates followed by Michigan, Texas, California, and Ohio.
In Birmingham alone, the lawyers of Greenway Bankruptcy Law, LLC understand many families are struggling to settle their monthly mortgage. If you believe that your family’s home is being threatened with foreclosure, we may offer you legal assistance to possibly prevent it from happening. Call us today at (205) 324-4000 to learn more about your options.