Foreclosures In New Mexico See 75% Increase

Bad news for New Mexico and Albuquerque homeowners: according to foreclosure data giant RealtyTrac

, initial foreclosure proceedings rose by 75% last month alone. While there were only 350 foreclosure filings in September, the number jumped to 611 in October. Many New Mexicans and Albuquerqueans are feeling the pinch of hard economic times, and these figures are just the latest example of this troubling trend.

New Mexico has the 22nd highest rate of foreclosures of any state in the Union, which puts it relatively close to the middle. However, if the pattern of rising foreclosures continues, New Mexico soon may be climbing the ranks of states where homeowners cant make their mortgage payments.

With a 75% jump in the space of only month, a continuation of this alarming pattern is the last thing the people and economy of New Mexico need. And as the residents of New Mexico continue to struggle with meeting the payments on their homes, many of them are being forced to consider other options of raising money.

Many homeowners who have a hard time paying their bills get extra economic help by taking out short term loans. While this isnt for everybody, some New Mexico residents may benefit by using short term loans to help them with their mortgage payments. Some of these include payday loans, which usually need to be paid back with the borrowers next paycheck. Other short term loans include collateral loans, which let the borrower take out a loan in exchange for some item of their property to be used as collateral. In some cases, an individual may leave his or her car with a lender while they pay back the loan. In other cases, New Mexico residents can get a loan using only their cars title as collateral. This is called a car title loan, and it may be a better option for New Mexico residents who need a loan, but still need their cars to get to work. There are several reputable dealers of car title loans in New Mexico, including Trading Financial Credit (http://tfciloan.com.

However New Mexico residents choose to cope with the rising foreclosure rates throughout the state, the economic difficulty of living in New Mexico is not likely to ease up anytime soon. New Mexico and Albuquerque residents are just going to have to start pursuing every means possible to make sure that they can make their mortgage payments on time. In the long run, its the only option New Mexicans have to start reversing the rising trend in foreclosures.

by: Sara Waters

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