According to Lawrence Yun, chief economist with the National Association of Realtors (NAR), three million homes received foreclosure notices in 2009-a record high. He anticipates a similar number this year.

John Burns, president of John Burns Real Estate Consulting, predicts foreclosure notices will rise to 3.1 million this year. Foreclosure notices include default notices, auction-sale letters and bank-repossession notices. But those notices may result in far more damages than there were last year.

“I think fifty percent more people will lose their homes to a bank this year than they did last year,” Burns said.

Whereas Trulia CEO Pete Flint and RealtyTrac Senior Vice President Rick Sharga predict that there will actually be as many as four million homes in foreclosures in 2010. This would definitely be the peak of this foreclosure cycle.

“Negative equity on its own is not necessarily enough to drive foreclosure activity, but with a second trigger, such as a loss of income, divorce, medical bills, or a loan resetting at an unaffordable level, that negative equity greases the skids for more foreclosures,” Sharga said, concluding that “2010 will be a challenging year.”

Given these disturbing statistics I thought it was important to remind you that there is a way to stop the foreclosure process. As a bankruptcy attorney I can help you save your home. Please contact me if you have any questions. I am here to help. Kevin D. Heupel, Colorado Bankruptcy lawyer, 303-955-7570, COBankruptcyHelpEmail, free-consultation form.