The Great Recession was the worst general economic decline since the Great Depression of the 1920s. For many of us, it was the most dire financial time of our lifetime. While this time period is marked in the record books as having lasted 19 months in the United States, many American families felt its devastating ramifications far after its official end in June 2009. In fact, the mortgage lending crisis that greatly contributed to the global economic decline was at its highest in the U.S. during January 1, 2009 – December 31, 2010.
Throughout the time we were collectively struggling through the Great Recession, millions of Americans lost their homes to foreclosure. 4.5 million of those people were forced to pack up their lives and relocate during the height of the mortgage lending crisis, January 1, 2009 – December 31, 2010. Those who foreclosed during this time are now eligible for foreclosure reviews that could potentially result in some sort of restitution at least for some.
How will the banks perform during this process of review and restitution? That is precisely the question professionals from all sides of the financial and housing industries are waiting to answer.
This process also comes at a time when nationwide foreclosures have dropped to the lowest rates since the Great Recession. With the housing market afloat and the economy finally bustling for the first time in nearly a decade, some are also asking if those millions of Americans who were forced to leave their homes behind will be looking to buy again.
Check out the infographic below for everything you need to take the first steps in applying for and receiving a foreclosure review in the state of Nevada, a state that had consistently ranked highest in home foreclosures during the Recession.