South Florida Bankruptcy Lawyer

The number of mortgages in any portion of the foreclosure process jumped in the first three months of the year. Both the percentage of loans in foreclosure as well as the rate of foreclosure starts reached levels which hadn’t been seen since 1979, according to the Mortgage Bankers Association.

 Overall, 2.47% of all mortgages were in the foreclosure process at the end of the first quarter. This is an increase from the 2.04% of mortgages which were in foreclosure at the end of the fourth quarter of 2007, according to the MBA’s most recent National Delinquency Survey. For comparison, during the first quarter of 2007, 1.28% of all loans were in the foreclosure process.  

 According to the MBA’s vice president for research and economics Jay Brinkmann, the increase in the number of houses in foreclosure is a reflection of the decline in home prices. Foreclosure start rates were up for all types of mortgages.

If you are faced with overwhelming debt and are considering bankruptcy, please contact the Boca Raton bankruptcy lawyers of Klein Attorneys at 561-353-2500 to discuss your situation.