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Experts say that foreclosure crisis is nearly over

Although many Americans are still struggling to pay their mortgages, experts insist that the widespread foreclosure crisis is officially nearing its end. They have drawn this conclusion after witnessing repeated decreases in the number of foreclosure claims filed nationwide in regards to both monthly and annual comparisons.

For example, RealtyTrac reported in December that foreclosure filings were down nationwide in November a respectable 15 percent from the previous month and an astonishing 37 percent from November of 2012. Overall, the November foreclosure filing rate was the lowest of any month since December of 2005. This is a significant milestone for the U.S. housing industry.

However, it is important to note that simply because foreclosure rates are plummeting across the nation, Americans of nearly every income level are still struggling to remain in their homes. This is quite simply because anyone can be hit with unexpected financial difficulties at any time.

For example, it is now a well-known fact that the number one reason why Americans file for personal bankruptcy these days is medical debt incurred by an unexpected serious injury or illness. Such circumstances are no one's fault. But they can certainly impact the ability of any family to pay their mortgage on time.

If you are struggling to remain in your house, you are not alone. The widespread foreclosure crisis may be winding down, but a personal financial crisis may occur at any time. If you need help in avoiding foreclosure, please contact an experienced attorney who can help you navigate your situation.

Source: USA Today, "Report: Foreclosure crisis is winding down," Julie Schmit, Dec. 12, 2013

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