Foreclosure Rates are Down
 
There are many more people able to either keep their homes because of a change in their economic status, or because they were able to work out a deal with their mortgage company. We have seen so many people filing for foreclosure lately that it has become commonplace to see empty homes or auction signs on front lawns. Most people hurt by the economic crisis are still trying to get back on their feet, but according to a recent report the number of those that are losing their homes is actually down.
 
According to RealtyTrac the number of foreclosed homes in November of last year was one in 417 which is up from the same time last year, but since that time that number has decreased meaning that fewer people are losing their homes. Experts say that it could be a variety of reasons – including change in financial situation where a medical problem has been taken care of or a job has been obtained; or it could be that they have worked out a deal with their mortgage company so that they are either paying back a modified mortgage or some other arrangement was made. But some say it could be the increase in the number of debt consolidation loans that have been taken out.
 
They say that when a family takes out a debt consolidation it frees up more of their monthly revenue which would account for them now being able to make a payment that they could not make before. They argue that for many families a debt consolidation could be just the thing that they need to get on top again – and be able to make all of their bills.

 

 

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