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An end to the foreclosure crisis may be in sight

The national foreclosure crises found many Kentucky homeowners facing a crisis. Unable to afford their monthly mortgage payments, many saw the banks take steps to foreclose on their homes. However, two recent reports indicate that the housing market is beginning to bounce back, bringing relief to many homeowners.

The Federal Reserve Bank of St. Louis released a quarterly report. This report examined the effect the foreclosure crises had on a number of states in the nation. In addition, the Metropolitan Housing Coalition, based in Louisville, released its annual report that examines the housing market in Jefferson County and a number of other counties in Kentucky.

According to the reports, in September 2016, 2.9 percent of home mortgages were "seriously delinquent," 90 days or more behind on their mortgage payments or already in foreclosure. The rate of "seriously delinquent" home mortgages in September nationwide was 2.79 percent.

However, this does mark an improvement. In the months from June to September 2016, the amount of "seriously delinquent" home mortgages went down five basis points. According to the reports, one basis point is the equivalent to one one-hundredth of a percent.

Nonetheless, it may take another year or more for Kentucky to be free from the foreclosure crisis. While this growth may seem small to some, it may show that an end to the foreclosure crisis is on the horizon.

But, if one is facing a foreclosure, help is available. The foreclosure process can be a frightening and stressful time, but there are ways to halt foreclosure actions, including filing for Chapter 13 bankruptcy. To learn more about how filing for bankruptcy can put the foreclosure process on hold and in some cases, save one's home, it can help to speak to a personal bankruptcy attorney.

Source: Insider Louisville, "Two reports signal improvements in Kentucky's housing market," Caitlin Bowling, Dec. 27, 2016

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