The recession has hit the states of US very hard, which in turn has hit the unemployment rate. This has a very bad effect on home loans section. Many loans have been ending up in foreclosure and that is a very sad situation.
Reports claim that Nevada was the forerunner in the foreclosure rate. Almost one in every 69 houses have got a notice there.
Arizona took the second place as it lost 82,000 jobs last year and Florida ranked third in the foreclosure rate. California took the fourth and Utah the fifth positions respectively. The foreclosure fillings have remained at a very high level and show no inclination to drop in the near future.
Of course, people are trying to come out with initiatives to prevent foreclosures. Oakland County Treasurer Andy Meisner has launched the Oakland County Foreclosure Prevention Initiative, a partnership project between the Oakland County Treasurer’s Office, United Way, Lighthouse of Oakland County, Wayne County, and other public and non-profit organizations. The idea behind this is to provide assistance to the homeowners who have been hit by recession and unemployment. The assistance will be in the form of financial counselling, intervention with lenders and help in negotiating possible settlements. The initiative offers one-stop foreclosure and foreclosure prevention resources, do-it-yourself features, user-friendly online intake for convenience and efficiency, and continuous e-mail contact with the program. This program is free and has warned the homeowners against any other forclosure prevention scam.