With the economy in a recession and many people out of work, it’s clear that there could be a wave of foreclosures coming in the near future. While experts do not think it is going to be quite like what was seen back in 2008, in what is often called the “Great Recession,” they do think it’s going to be serious.
Bans on foreclosures and evictions may still be in place
One thing to keep in mind is that foreclosures and evictions have at times been banned in certain areas. This can make it hard to see just how big the issue is. It could also mean, though, that there are a lot of people just waiting to be foreclosed upon when it’s legal, even if that hasn’t happened yet. Any other year, the process would already have begun.
To see where people stand, researchers have looked into how many people missed mortgage payments. Recent studies show that the number of defaults in 2008 is pretty close to the number being seen now. That alone is enough to suggest what the future holds, even if we’re not there yet.
Could things change? Certainly. Perhaps, as things open back up across the country, people will return to work and get current on their mortgage payments. You can never perfectly predict the future. But the general trend right now seems to suggest that foreclosures are going to soar in the next 12 months.
What are your options to prevent foreclosure?
Are you facing foreclosure, or are you worried you may be soon? You need to know exactly what options you have and what critical steps to take to defend your interests. An attorney experienced with foreclosure relief methods can help you understand your situation and your choices.