Over the past year, many people have walked away from their home when there is hope.
NEW YORK (CNNMoney.com) -- As government and industry scrambled to stem the housing crisis, another 84,868 homes were lost to foreclosure in October, according to a report released Thursday, November 7th .
Last month 279,561 struggling borrowers received foreclosure filings, including default notices, notices of auction sales and bank repossessions, according to RealtyTrac, an online marketplace for foreclosures. That's a 5% increase from September, and up 25% from October 2007.
"October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year," said James J. Saccacio, chief executive officer of RealtyTrac, in a statement.
A total of 936,439 homes have been lost to foreclosure since the housing crisis hit in August, 2007.
On Tuesday the Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), unveiled a new program to help eligible borrowers stay in their homes by lowering their monthly payments to 38% of gross household income.
A practical approach to this financial crisis
With the nature of the current financial crisis, many home owners are walking away from their delinquent loans because they have either not been given options or think there is no way out.
There are options and information available. We will give you the honest picture with several different options to assist you in your current situations.
Before you make any decisions, Understand Your Options.
