Temporary Phoenix Foreclosure Slowdown an Opportunity to Move Ahead

For over a year, Phoenix has been among the nation's leaders in terms of foreclosed homes. This dubious placement has been due to several factors, including the declining real estate market in terms of average value of a home, the suffering jobs market and of course the mortgage market where payments have doubled and in some cases tripled for homeowners who simply could not keep up with those rising numbers. However, November proved to be the lowest month out of the last 32 months in terms of foreclosures, providing those in trouble with an opportunity to put these issues behind them.

The reason for this precipitous drop in Phoenix foreclosures is because several large lenders have either slowed down or halted their ongoing foreclosure efforts altogether amid questions regarding how these foreclosures are being handled. Several banks have been accused of cutting corners in pushing foreclosure documentation forward, and many are either attempting to resolve these problems or to make sure that they are not engaging in practices that could lead to civil liability.

Specifically, 5,607 notices of trustee sales were filed in Phoenix in November, which was down from over 6,700 in the previous month. Actual foreclosures that were completed dropped to just over 2,500, which represents the lowest number in Phoenix in one month since March of 2008. Homeowners should recognize this opportunity to repair whatever financial problems they face. However, experts agree that the rate of foreclosures will pick up in the months ahead as these issues are resolved.

Phoenix Bankruptcy Lawyers

One potential approach that could save a person's home and get that person out from under a mountain of debt is to seek protection from the United States Bankruptcy Court. This is a step that should initially be taken with the help of experienced Phoenix bankruptcy lawyers who have helped thousands of people put an end to their financial struggles.

The Phillips Law Group recommends the experienced bankruptcy attorneys atArentz Law Group PLLC for all of your bankruptcy needs. Call today to schedule a free initial consultation!

Back to Top