FORECLOSURE » Prevent Foreclosures

321,500 properties were subject to foreclosure, default notices or a bank repossession or auction. This is the third consecutive month that foreclosed properties have been above the dangerous 300,000 mark. Foreclosure filings fell 6% for the month of May, but are still up 18% from the same period last year.

One of every 398 homes in the country faced foreclosure in May, and according to RealtyTrac there was a +2% increase in bank repossessions.

• Nevada, California and Florida remained the states with the highest foreclosure rates for the last month.
• Nevada: 1 in every 64 homes face foreclosure
• California: 1 in every 144 homes face foreclosure
• Florida: 1 in every 148 homes face foreclosure

Are you in danger of foreclosure, or have an underwater mortgage? If so, learn more about the process with Go Banking Rates. You can also learn more about the best mortgage rates available if you're looking to invest in a foreclosed property.

One of the most dramatic aspects of America's real estate crisis is the shocking disrepair that foreclosed homes can fall into. These foreclosed homes, just as often as not to be found in extremely exclusive high-end neighborhoods, are owned by the banks - which probably took a bath on the loan they made. Now all the banks want to do is unload the property. While the home sits idle, there is no one there to maintain the property and it doesn't take long for the overall conditions to decline. If you are thinking about saving money by buying a foreclosed property, you need to be aware that if the condition of the home can be truly terrible (and sometimes it's not obvious). In this case, you can lose all the money you thought you were saving when you start to make repairs and renovations.

Images of abandoned homes in upscale subdivisions are unsettling to see. We expect our suburbs and exurbs to be clean and neat, all green lawns and neat driveways. To see a foreclosed home in a fancy gated community is visually jarring when there are dead brown lawns, junk-filled swimming pools, broken windows, and even evidence of homeless squatters or random vandalism. No longer do some of these foreclosed homes have proud owners to maintain the upkeep of the homes, and as the months turn into years, the conditions of the foreclosed home become more and more dire. You can get a serious deal on a foreclosed home, but you could also be getting what you pay for if you are not careful.

To learn more about buying a foreclosed home, and the conditions of foreclosed homes that you as a prospective buyer need to be aware of, be sure to speak to a real estate professional and get their expert advice. One good bet for good advice would be a home assessor, who spends his or her time assessing homes, foreclosed and otherwise, before they are sold.

Recently, there have been a lot of promises from Washington about helping homeowners who have trouble paying off their mortgages. We are going to investigate how much is being done in practice.

First, let us look at the numbers. Homeowners threatened with foreclosures: 9 million . Money pledged...

If understanding foreclosures is important to you because you are in the process of foreclosure, you're not alone . Depending on which step you are in the process, you have a better chance of saving your house. So to help you get a grip on what's happening to you, let's take a closer look at the ...

Did you know that you can contest a foreclosure, which might result in you stopping the foreclosure process? It's true! There may be some faulty dealings on the lender's end that may result in you saving your home. So if you're in jeopardy of foreclosure, it's good to learn more.

What are some...

Believe it or not, property foreclosures are often at risk of con artistswho want to take advantage of a vulnerable homeowner, which is why it's good to learn how to avoid common foreclosure scams . You'd be surprised by the number of people out there who are willing to prey on the weak during a...

If saving your home from foreclosure is a very real necessity then taking advantage of additional time to stay in the home using the redemption period may help you . Many people think once the creditors start calling regarding a defaulted mortgage , there aren't any other ways to get out of it,...

The process of foreclosure, if taken far enough, can result in a public auction, which basically means you're about to lose your house. For buyers, this is a great time to score a cheap house with all the fixins', but for the owner, it can be one of the most difficult periods of a lifetime.

When...

Consumers should be weary of paid programming that encourages them to make huge profits in foreclosure investments. Sure, there have been success stories of people who "paid no money down" and made "huge profits" by "investing in foreclosures," but their are dangers lurking under the murky water...

Many consumers who owe more on their home than it is currently worth may be looking for a way out of their failed financial investment. A short sale may be the way to get out from under while helping to ensure that your credit score remains relatively intact. If homeowners are fearful that they...