How To Guide For: A Look At The Rise In Home Foreclosures

A Foreclosure is a legal process by which the owner forfeits all rights to the property. If the owner can't pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn't sell there, the lending institution takes possession of it. So why do foreclosures happen. Foreclosures happen because homeowners with equity have options and they can refinance or sell if they run into trouble making their payment. Homeowners who are underwater lack these options, leaving foreclosure as the only way out, unless the lender is willing to take less then they are owed in a short sale, or modify the loan terms. According to Bankrate the 10 states with the highest foreclosures in October are Delaware, New Jersey, Maryland, Illinois, South Carolina, Nevada, Florida, Ohio, Pennsylvania and Georgia. According to the October 2016 Foreclosure Market Report from ATTOM Data Solutions -- the report shows a total of 105,481 foreclosure filings, default notices, scheduled auctions or bank repossessions, in October. According to the findings this has been the biggest monthly increase since August 2007. To get more in depth information on the rise in home foreclosures click the pictures below to read the articles.