Foreclosures Up for Quarter 1

The number of homes threatened with foreclosure has risen for Quarter 1 of 2009. Part of the problem likely stems from the fact that many of the 90-day  foreclosure moratoriums enacted by mortgage lenders over the holidays have run their course. Additionally, the recently mounting unemployment rate (although that seems to stabilizing now) has contributed to more homeowners becoming unable to make their payments.

While this might be discouraging, there is hope that President Obama’s recently announced mortgage modification program may help matters improve. If homeowners can modify their mortgages so that they are affordable, it is likely that the wave of foreclosures can be stemmed. However, it will take the cooperation of mortgage lenders in order to realize these changes.