The bad economy of the last decade has left many people in Oregon without enough money to pay their bills. The results of this inability to pay bills may be devastating to the average family in Oregon. A family may lose their home, their vehicles, and many other possessions as the lenders search for ways for them to cover their debt when the money simply isn’t there. Fortunately, the last few months have yielded a small turnaround in the housing market, giving homeowners hope that they will be able to stop creditor harassment and obtain a fresh slate for the future.
The rise in percentage of foreclosures in several states may be a sign that banks are hoping to cash in on the low inventory and higher prices currently available in the housing market. Homes that are in the foreclosure process may take years to be vacated and sold, but banks are hoping to speed up the process in order to get some of their money back.
Bank repossessions were at a 75-month low before rising 2% in May, although percentages are still significantly down from the prior year. In all, there was an increase in repossessions in a total of 14 states throughout the country in May.
Because the mortgage is such a big expense, many families will choose to forego this payment before giving up any other possessions. Those who are facing repossession of belongings and homes may be able to negotiate a payment plan or deal with the lender, or start the bankruptcy process with the help of an attorney.
Source: Source: USA Today, “Banks repossessing more homes as home prices rise,” Julie Schmit, June 13, 2013
