The Associated Press is reporting today that more than 1 million American homeowners are likely to lose their homes to foreclosure this year.
RealtyTrac Inc., a foreclosure listing service, reports that nearly 528,000 homes were taken over by lenders in the first six months of the year.
At the current rate of foreclosures, the foreclosure rate for 2010 will exceed more than 900,000 homes that were repossessed in 2009.
According to RealtyTrac, lenders have historically taken over about 100,000 homes a year.
The entire article can be read on Las Vegas Review-Journal site.
Bankruptcy stops a foreclosure and can help you keep a home that is scheduled for foreclosure.
Speak to an experienced bankruptcy attorney about your options.
by Kevin Gipson, New Orleans, Louisiana bankruptcy lawyer.