Multiple news sources are reporting on the inflated increase of foreclosure filings in the second quarter maxing out at nearly 220,000 homes lost to bank repossession. The increase is up 14% from the first quarter, and 121% from the same period in 2007, hastily creeping up on experts’ original 2008 projections, which now seem highly optimistic and a best-case scenario for our nation’s real estate market.

The increase in foreclosure filings correlates positively with the frequency of loan workout requests made by distressed homeowners who are relying on fatigued, overworked loss mitigation specialists to procure the best available option and prevent bank repossession. One option thousands of distressed homeowners have chosen to remediate the suffering for both the homeowner in default and the depleted lender is the service offered by BGS3, one of the fastest growing short sale and loss-mitigation companies in the country.