Economic distress eased in August but bankruptcy numbers remain unchanged

According to a yahoo finance article
economic distress eased although unemployment ticked up and foreclosures likely only slowed down from banks delaying proceedings. Many banks foreclosure methods are being questioned as many banks through MERS are having standing issues in trying to foreclose as well as the affidavits that were being signed were not by people who necessarily had knowledge of the foreclosure file which is required. It will be interesting to see how the slow down in foreclosures that is likely to come will affect the economy and house prices in general. Some economists think the banks have exacerbated the problem by foreclosing too quickly and putting distressed properties back into the market at a rate they can’t be absorbed while others believe that its best to get out of this thing quickly so we can see a real road to recovery instead of a double dip. No matter what your take on it, there are still many home owners struggling to pay their mortgage and bankruptcy is a great way to buy some time and get your financial house back in order. Call a riverside county bankruptcy attorney if you are having problems modifying your loan or need any other help in trying to stay in your home while these economic times remain fragile

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