Recent economic conditions have had an impact on foreclosures as well. Even though it has been noticed that the number of foreclosures decreased with a small percent, the trend is still maintained at a high level. Each day, more and more homeowners default on their payments and their properties are being repossessed. Banks and other lending institutions are obliged to file for foreclosures, desiring to recuperate the debt as soon as possible.

Compared to the year of 2007, the number of foreclosures has increased by a worrying number. Homeowners are having a hard time paying their mortgage and they find themselves in the situation of facing pre-foreclosure. Some have lost their jobs and have no way to pay. Others have been in default for some time and they have absolutely no possibilities to pay for their loans. Experts appreciate that even more properties are going to be foreclosed the following ...

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