Not long ago we discussed the possibility of debt relief for homeowners whose home equity has increased while the property was in foreclosure. If you are in this situation, then you may be able to stop foreclosure by selling the property at market value. You can read more about the matter in our previous post, "Real estate rebound may render some foreclosures unnecessary."
One of the most common threads between our blog posts is the economic recession and the broad range of effects it’s had on the country. In addition to the financial pressures created by elevated unemployment rates, the residential real estate market also took a plunge during the downturn. Homeowners, who may have been dealing with other debts, suddenly had an underwater property, meaning that they owed more on their mortgage than the home was worth. In this situation, lenders may have moved forward with foreclosure action.