According to recent data released by CoreLogic, many high end homes are undergoing foreclosure procedures even as the overall foreclosure rate continues to improve, The Wall Street Journal stated on March 5.
Though overall foreclosure rates at the end of 2014 reduced by 1.4 percent, luxury homes with mortgages of $750,000 or higher have increased by 2.5 percent. The trend of increasing foreclosure rate in homes with high mortgages started in March 2008 as the country was hit by a foreclosure crisis. A CoreLogic economist explained that wealthier homeowners were affected by the depleting stock market.
When your home is threatened by foreclosure, the situation can be devastating, especially considering any reduced financial flexibility. If you are in such a situation, a foreclosure lawyer may possibly give you other options that could allow you to keep your home. Find out how the Birmingham lawyers of Greenway Bankruptcy Law, LLC, may work for you today by calling (205) 324-4000.