Some of the hardest hit areas in the nation who have seen home loan foreclosure difficulties are reportedly registering a drop in foreclosure activity from 2009 to 2010, as a recent report from Realtytrac.com indicates. Yet, there have been increased home loan difficulties in areas outside of these hardest hit areas, as foreclosures are reportedly increasing across the nation and still warrant the need for home loan assistance in various parts of the nation.
These hard-hit areas like California, Florida, and Nevada are just a few of the states that were offered specific foreclosure prevention assistance through the Hardest Hit Fund as a way to provide affordability for homeowners who are suffering from unemployment, who may have fallen behind on their mortgage, or who may be suffering from problems related to negative equity. Also, in situations where homeowners face the inevitable loss of their home, short sales, deed in lieu of foreclosure programs, and relocation assistance have been offered to help homeowners who may qualify for these initiatives to avoid a formal foreclosure.
Yet, despite some positive reports about decreases in foreclosures, there are still numerous homeowners suffering from home loan difficulties and are losing their home as a result. Obviously, unemployment is one of the main factors behind these housing troubles, but there are still options for homeowners to avoid the loss of their homes through either these state-specific initiatives, federal modifications, or in-house home loan aid directly from mortgage servicers.
Concerns over foreclosure problems continue as there are reports that indicate more homeowners may lose their home in 2011 as some predictions state that unemployment will remain high, property values may decrease, and more homeowners may fall behind on their mortgage as a result and face foreclosure.
While there are homeowners who obviously fear the loss of their home, there are those who believe that once the housing market has hit bottom, the economy, housing, and other areas may begin to improve as delaying the inevitable foreclosure may be causing some economic stagnation. However, there are those who feel that unless homeowners are offered assistance and avoid foreclosure, the housing market may still suffer and this could be the delay in recovery. Those who argue that mortgage assistance plans are necessary often state that unless a high levels of unemployment are combated, homeowners who lose their home may result in the housing market finding its bottom, but houses that simply sit empty and are unable to be filled due to unemployment could cause more strain and depreciation in property values.