Portland Metro Area Foreclosure on Rise

October 15th, 2008

The number of foreclosure in the metro area of Portland is increasing. This is indeed a bad news for the real estate of this region. Nearly 70 percent of the people have been found to have defaulted on their mortgage payments in the month of August. This is a 40 percent increase from the figure last year during the same time period. The rate of mortgage delinquency has increased. It has been found that about 2 percent of home mortgages were 90 days late. The homeowners are finding it really difficult to make payments of their mortgages. Foreclosure has put them into serious trouble.

Happy Valley is one of the most affected areas whereby nearly 87 of the households are in a pre-foreclosure status presently. Apart from that, about 94 homes are possessed by the bank and 319 homes have been put up for a foreclosure auction. Nearly a total of 72 homes have been taken over by the bank in Portland. Also, nearly 423 homes have entered the foreclosure auction activity in this place. The wave of foreclosure is being accompanied by the rising cost of fuel and food. The defaulters of mortgage do not know who to turn up for getting an aid.

According to Ann Chapman, who happens to be a bankruptcy attorney, the increasing rate of foreclosure has also led to an increase in the number of bankruptcy filings. She is the owner of Vanden Bos & Chapman which has already appointed a new lawyer and is in search of another. She has said that things are getting more complicated with every passing day. Every single case of foreclosure in the metro area of Portland needs a serious attention and focus. This is because of the complex bankruptcy code that goes along with the harmful creative investing.

With the change in bankruptcy code in the year 2005, a large number of law school students have started to keep off bankruptcy law. It has become really tough to get some extra help. The clients are being turned down by Vanden Bos & Chapman. It is expected that the number of foreclosure is going to go up further if the current economic slump continues. The problem of foreclosure has to be tackled immediately. Otherwise the homeowners in the real estate of Portland will have a tougher time very soon. A mass awareness is something that is very important at this point of time.