Bankruptcy

Foreclosures Up 57%

CNNMoney.com reports that national foreclosure filings rose 57% in January over the same time a year ago. How far can this go, we might wonder? What’s going to turn it around?

I found this quote very interesting:

The only good news was the comparatively modest month-to-month increase in total filings.

“It could be that some of the efforts on the part of lenders and the government - both at the state and federal level - are beginning to take effect,” said James Saccacio, RealtyTrac’s chief executive.

“The big question is whether those efforts are truly helping homeowners avoid foreclosure in the long term, or if they are just forestalling the inevitable for many beleaguered borrowers,” he said.

I wonder about that, too. I’m all for trying more conservative measures first, but I do see a lot of folks wait too long before consulting a bankruptcy lawyer.

© 2008 SC Bankruptcy & Consumer Law Blog.