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Foreclosures about to pick up speed for the “everyday” borrower?

Recently five of the largest mortgage lenders reached a settlement with 49 US States regarding the robo-signing scandal of 2011. Essentially these banks paid $25 million and agreed to work with borrowers. While this scandal was unfolding and the settlement was subsequently being worked out, many if not millions of homeowners’ mortgages sat in default. And where a mortgage is in default, quite often the lender will not accept monthly payments, and so the mortgages fall further into default. This means that millions of actual or potential foreclosures are in the queue. Today, with the settlement worked out, those millions of defaulted mortgages are slated to enter the foreclosure system, with foreclosures in 2012 expected to topple foreclosure numbers of 2010.

With a foreclosure, or even an early default on a mortgage, the most important thing is to BE PROACTIVE. Quite often borrowers feel nervous or ashamed they are behind, and that can be paralyzing. However, it is much better to face the issue head-on, examine your finances to see if you can afford the home, analyze what modification or loss mitigation options might be available, and to explore all available options, including meeting with a bankruptcy attorney early on to determine if a Chapter 13 Bankruptcy might help you to cure arrears.

http://www.msnbc.msn.com/id/46957243/ns/business-us_business/t/new-foreclosure-wave-hit-everyday-borrowers/