According to a report in the Cape Cod Times, a record number of homeowners on Cape Cod are facing foreclosure. While there are a number of reasons why this is happening, it is also reported that folks facing foreclosure are waiting far too late to take appropriate remedial action. Nancy Davison, vice president of the Housing Assistance Corporation says:

They stay in denial until it reaches a point where it is difficult, if not next to impossible, to come up with a solution to the delinquency.

I add that many also do not have a back-up plan, a topic that I have discussed here. If the problems with the mortgage are present, or if they problems are foreseeable, then it’s time to start exploring options and taking action.

In addition to the report from the Cape Cod Times, there is word that foreclosure rates statewide increased nearly 300 percent in November, and the rate could even surpass the 1991 record.