Home foreclosures have hit a record high in the U.S. Lenders are not able to collect on their loans because of numerous economic issues including high unemployment rate, this has resulted in a shortage of money and jobs.

Many of the big states in the U.S. have recorded the highest number of home foreclosures. One out of every 398 houses in the U.S. is under the threat of foreclosure.

Leading the home foreclosure race is Nevada, which continues to have one in every 33 houses on the brink of foreclosure. With a percentage of 3.37 homes, Nevada recorded 34,417 houses under foreclosure. After Nevada, comes Florida, which has 165,291 cases of home foreclosure, with one in every 50 homes facing foreclosure.

Some of the other hardest hit states are California, Detroit, Texas, Virginia, Illinois, Georgia, and Michigan. It has been reported that almost 77 percent of the U.S is facing foreclosure.

Foreclosures in Las Vegas have seen as many as 14,861 homes in foreclosure. This means that one in every 54 homes are in foreclosure. Another staggering number is that 15 percent of all foreclosures are in the state of Florida.

How does this happen? Some of the factors include high mortgage rates, and adjusting mortgage rates. In February of 2009, foreclosures hit a record high in the U.S of 117,259, equaling 68 percent more than the previous year in February.

So what are the reason for high delinquencies and foreclosure? There are several factors. The two that come to mind are depreciation of home value and the other is related to job loss. Lower property value makes it impossible to refinance which has contributed to the highest rates of foreclosure we have ever seen in the country.

There is hope and a solution to curb these foreclosures numbers and help homeowners fight foreclosure. In an effective way to provide a solution to these foreclosure rates, most banks and lenders are providing homeowners with a repayment plan known as loan modification.Loan modification is a great solution in combating these horrific foreclosure rates by reducing the homeowners interest rate and lowering their monthly payments. If you are having trouble making your mortgage payment, consult with your lender to see if there is a program that they may have to help you save your home.

Anthony M. Flores is an expert in loan modification processing, and an authority in loan modification affiliate

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