More Than 1 Million American Homes May Foreclose in 2010

Are you worried about your home? Are you on the brink of foreclosure

?

You're not alone. Many households in the United States share your circumstances. Lenders working through the backlog of people who missed, fell behind, or stopped making mortgage payments estimate that more than 1 million American households are likely to lose their homes to foreclosure in 2010.

We've entered the second half of the year, and the foreclosure problems are hardly behind us. According to RealtyTrac Inc., a foreclosure listing service, 2009 saw a total of about 900,000 foreclosed homes. If that seems big, you're in for a bigger surprise! The first half on 2010 recorded a whooping 528,000 homes reclaimed by lenders, 8 percent ahead of last year. With another 5 months to go this year, these numbers will get bigger.

Overall, about 1.7 million American homeowners received foreclosure-related notices in the first half of 2010, which equates to 1 in every 78 homes in the United States!

Many financial institutions are actively trying to regulate the current situation. New delinquent payers are not facing foreclosure just yet. Banks are allowing people to stay in their homes for an extended period to diminish the surge of foreclosures hitting the market. On the other hand, lenders also have been working hard to reach out and clear all the backlog of bank-owned properties.

Do you think you might be facing foreclosure soon? In the case of foreclosure, selling the property is the best solution for a home owner. This will allow you to, in a sense, start over and secure a better, more affordable housing opportunity. Thus, allowing you to stop a bankruptcy and/or foreclosure from being reported on your credit report.

More Than 1 Million American Homes May Foreclose in 2010

By: Chrissie Alquinta

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