A study released by the Mortgage Bankers Association says that the U.S. lost 1.2 million households to the recession by the end of 2008. A staggering number considering that the number of job losses and foreclosures continued to climb and set records in 2009.
The study suggests that most people are doubling up by moving in with friends or family instead of renting post foreclosure.
Foreclosure rates have tapered off, but according to an economist at Fannie Mae there are some 5 million homeowners are 90 days or more past due. Some feel there is a back log of foreclosures that banks are working through the government programs available to keep homeowners in their homes.
One way to stop foreclosure on your home is to file bankruptcy, but if you can’t afford to continue to make the payments you are likely to lose the house even in bankruptcy.
Facing financial problems can be difficult. Take advantage of any help you can get to plan your way out of debt. Credit counseling services can help, but a bankruptcy attorney can work with you understand how you can legally clear you debts.
