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Stopping foreclosure - a tall order

Thu Mar 13, 2008 03:03PM | By Tony

See more in Personal Finance | Permalink | Email | Comments (0)

Stopping foreclosure is quite difficult task as, according to just released statistics, one out of every 557 households in the US has failed to stop foreclosure and is in some stage of foreclosure process. That is quite staggering, but more staggering is that the number of foreclosed properties that didn't sell at auction and ended up going back to lenders soared more than 110 percent last month versus February 2007, according to the RealtyTrac. That means banks and whatever other lenders may be out there, are royally stuck and there is no stopping, and today's Standard & Poor prediction that financial companies are nearing the end of the massive asset write-downs that have been devastating the stock and credit markets since last summer, is not even worth reading. There are more write offs to come for them, and not too many ways in stopping foreclosure for homeowners.

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