Real Estate Data Shows Tennessee Foreclosure on the Rise in Nashville, Memphis Areas
Tennessee homeowners hoping to catch a break from falling real estate prices may be in for a disappointment.
Declining home values are resulting in growing foreclosure rates across the state, according to the latest numbers from CoreLogic.
Nearly 2 percent of homes in Nashville were foreclosed on in October 2011 - a 30 percent increase over the previous year. Things may be even worse in Memphis, where the foreclosure rate had risen to 2.69 by September 2011.
Statewide, Tennessee has a foreclosure rate of 2.05 percent, which is up from 1.59 percent a year ago but still below the national average of 3.48 percent.
Many of these foreclosures could have been avoided with Tennessee bankruptcy. For some, there may still be time.
Experts predict that a tsunami-like wave of foreclosures could soon wash over the nation.
Currently, 1.5 million homes are in foreclosure. But there are also 3.5 million properties in delinquency and 10 million homes that are underwater - i.e., homeowners are shouldering debts much larger than the values of their properties. As banks and real estate firms release more foreclosed properties onto the market, housing prices will be driven down further.
No one wants to hear the dreaded "F" word. But an unfortunate side effect of today's real estate market is that more folks are accepting foreclosure as the norm. In many instances, delinquent homeowners are simply walking away and allowing the bank to take their home.
But foreclosure doesn't only take away the roof over your head. In some cases, it also takes away your future. Foreclosure puts a black mark on your credit that can prevent you from buying future homes or cars, renting a place to live, or even getting hired for a job.
Filing for Chapter 13 bankruptcy can legally stop foreclosure - even after the process has begun - and allow you to stay in your home while you get back on your feet.
Being underwater in your mortgage alone may not be reason to file for bankruptcy. But many Tennessee bankruptcy lawyer clients end up in mortgage trouble because of other debts - namely credit card debt, medical bills, and wage garnishments.
Bankruptcy can eliminate the other financial pressures so you can more comfortably make house payments.
Not sure if bankruptcy is right for you? Contact the DebtStoppers Bankruptcy Law Firm at 800-440-7235 to speak with a professional Tennessee bankruptcy attorney. Call 800-440-7235 today for a free personal debt analysis.
More Blog Entries:
Chapter 13 Can Help Tennessee Homeowners Thinking of Walking Away from Mortgage: January 17, 2012
Debt Settlement May Work for Some, While Tennessee Bankruptcy Works for Many: January 21, 2012
Additional Resources:
Looks Like Our Foreclosure Rate Will Test 2%, by Geert De Lombaerde, Nashville Post
Foreclosure Rate in Memphis Rises to 2.69 Percent in September, by Tom Bailey Jr., The Commercial Appeal