The number of homes facing foreclosure rose 57 percent in January compared to a year ago. Lenders are being forced to retake possession of homes they couldn’t unload at auctions, a mortgage research firm said Monday.
According to RealtyTrac, over 233,000 homes have recieved at least one notice from lenders related to overdue payments. Nearly half of the total involved first-time default notices.
The worsening situation came despite ongoing efforts by lenders to help borrowers manage their payments by modifying loan terms,