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Today, RealtyTrac released their May 2009 foreclosure data, reporting 321,480 homes are facing foreclosure - default notices, scheduled auctions and bank repossessions.

Although foreclosure filings have decreased 6 percent from the previous month, it is still up 18 percent from May 2008. This is the third consecutive month where the number of foreclosures have exceeded 300,000. The report shows that one in every 398 home has received a foreclosure notice.

If you or someone you know may be at risk for foreclosure, there are multiple resources ready to assist you. Here are some great questions recently posted from users with insightful feedback from professionals in our Trulia Voices community:

1. My investment property in Arizona is under foreclosure.  Can they go after my primary residence in California?

2. I’m 4 months behind with my mortgage starting now.  I only have half of a one month mortgage payment that I want to send to the lender and paying the other half on the next payday.  The lender won’t take it unless I pay all 4 months plus late fees.  What should I do?

3. I’m upside down on my home but want to buy another.  I could afford it but I guess I’m “risky.” What to do?

4. My home will be in a foreclosure auction on June 21st.  Is there some way I can get my house back?

5. My house is going into foreclosure.  We did $200K in renovations.  We cannot sell the house and cannot get assistance because we have an interest only loan and no employment.  We plan to sell the kitchen cabinets, appliances, etc. before we go into foreclosure.  Does anyone know the legal ramifications of doing this?

However, if you’re considering the option of buying a foreclosure, you’re not the only one.  From a recent Trulia and RealtyTrac study, it appears 55% of U.S. adults are considering purchasing a foreclosure.  Here are some great posts and responses from home buyers and professionals in our community:

1. Can I just walk into a bank and speak to the REO officer about houses for sale?  Will I get a better deal?

2. Should I buy a short sale “as is” and adjust my price down for things that need fixing?

3. If a house is a bank owned foreclosure property can I still bid lower on the foreclosure price listed?

4. Will FHA loan on REOs and Short Sales?

Check out our Trulia Voices community to see what others are asking.

Got a question of your own?  Ask now.

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