A July 15, 2010 story indicates that banks are on track to repossess over 1,000,000 homes this year. The same article also points out that there are over 5,000,000 homes that are seriously behind on payments. This problem is not going away any time soon because unemployment is still high (Michigan has risen from the worst state to #49 for unemployment) and underemployment is even higher.
As a bankruptcy and Social Security Disability lawyer, you would be surprised with how many people I have met who have either lost their jobs or are now earning less than half of what they used to earn. To learn how bankruptcy may be able to assist an individual with a home in foreclosure, please call my office for a free consultation.