Foreclosures hit a record high in August 2011. Although they have since dropped about 13 percent from that peak, the housing saga continues to unfold as high unemployment rates and economic stagnation continues to leave homeowners broke — and sometimes unable to make their mortgage payments. According to the most recent statistics by Realty Trac, many states even saw year-over-year increases in foreclosures in August 2012.
If you’re struggling to make your mortgage payments, there are several options to help keep you in your home, or at least limit the financial damage of giving it up. Find out what to do if you can’t keep up on your home loan payments anymore in my new post on GoBankingRates.com: http://bit.ly/Q6r2UE