Foreclosure Process Increases in United States in 2022

An alarming trend has resurfaced since the housing crisis of 2008. Although the circumstances leading up are different, there is a good possibility the outcome can be the same. A total of 34,501 U.S. properties had foreclosure filings in August 2022, 14 percent more than July 2022 and 118 percent more than August 2021, according to ATTOM. Los Angeles County, CA had 740 while Riverside County, CA had 280 foreclosures. Meanwhile, lenders repossessed 3,938 U.S. properties through REOs in August 2022, a 28 percent increase from July 2022 and 59 percent from August 2021. One of the counties with the most REOs is Los Angeles County, CA with 175.

ATTOM reported that in August 2022, the counties with the highest number of REOs included: Cook County, IL (225 REOs); Los Angeles County, CA (175 REOs); Harris County, TX (140 REOs); Maricopa County, AZ (114 REOs); and Suffolk County, NY (108 REOs).

The States which had the greatest number of foreclosure starts in October 2022 included: California (2,594 foreclosure starts); Texas (1,901 foreclosure starts); Florida (1,528 foreclosure starts); New York (1,362 foreclosure starts); and Illinois (1,300 foreclosure starts).

October 2022 saw a total of 32,376 U.S. properties with foreclosure filings, a 57 percent increase from the same time last year and a 2 percent rise from the prior month. In metropolitan areas with populations greater than 1 million, Los Angeles and Riverside Counties had some of the highest foreclosure rates in the United States. 

Completed foreclosures (REOs) rose 18 percent from last month and 37 percent from the year before, while foreclosure starts decreased less than 1 percent from the previous month and rose 103 percent from last year.

California Homeowner Bill of Rights

Did You Lose Your Home In A Wrongful Foreclosure?

Foreclosure proceedings often start within three to four months after payments become delinquent, but it can also happen when the borrower fails to meet other terms in the mortgage document.

The California Homeowner Bill of Rights (HBOR) is a set of laws passed in 2012 to protect homeowners and borrowers against fraudulent or unfair foreclosure practices. It strengthens the legal rights of homeowners by providing them with additional protections and remedies, such as prohibiting dual-tracking, requiring servicers to provide a single point of contact, and requiring servicers to provide a written notice before initiating foreclosure proceedings.

Saunders & Associates, APC can help you determine if you were wrongfully foreclosed on in California. If you were living in your home when the Notice of Default and the Notice of Sale was issued and you were actively pursuing a Loan Modification, Forbearance, Reinstate Loan, Short Sale, or Deed In Lieu Of Foreclosure, you may be able to sue your mortgage lender, mortgage servicer, and the trustee for damages.

At Saunders & Associates, we understand the stress and anxiety that comes with debt. We are here to help you get out of debt and back on your feet. Our experienced attorneys will work with you to determine the best course of action for your individual situation. We will help you file for Chapter 7, Chapter 11, or Chapter 13 Bankruptcy to stop foreclosures, harassment from creditors, garnishments, repossessions, liens, evictions, and lawsuits. Our attorneys will vigorously represent you in Bankruptcy Court and fight for your rights.

Saunders & Associates, APC, is a debt relief agency as designated under Federal Law. We are here to help you get out of debt and back on your feet. Our experienced attorneys have been providing legal services to commercial and residential clients for over 30 years. We will work with you to determine the best course of action for your individual situation and provide you with the legal representation you need. Contact us today to learn more about how we can help you get out of debt.

Prior to foreclosure, you could be entitled to up to $50,000 in damages. (California Civil Code §2920.5-2924.20.)

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