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Multi-Million Home Foreclosures Forecasted

According to the Mortgage Bankers Association, for the 1st time in history more than 1 million homes are now in foreclosure. More than one million properties are officially in foreclosure, the largest rate ever recorded, according to a financial trade group that also warned recently that foreclosure numbers will continue to rise. The Mortgage Bankers Association's first quarter report showed that a record 2.5% of all loans being serviced by its members are now in foreclosure, which works out to about 1.1 million homes. That's up from the 2% of loans, or about 938,000 homes, that were in foreclosure at the end of 2007. The report also showed that 448,000 homes, or about 1% of loans being serviced, began the foreclosure process during the first quarter. That's up from about 382,000 homes, or 0.83%, that entered foreclosure in the last three months of 2007. The seasonally-adjusted rate of homeowners behind on their mortgage payments also hit a record high. Nearly 3 million home loans, or 6.4%, have missed at least one payment, while about 737,000 are at least three months past due, but not yet in foreclosure.



Mortgage Rate Reduction
Loan Modification
Lien Stripping

 
 
Foreclosure is something most homeowners thought could never happen to them. The unfortunate reality is that hundreds of thousands of homeowners have experienced a foreclosure in the last two years. Now with many lenders and banks in jeopardy of bankruptcy, loan modifications are becoming more frequent much earlier in the process.



Forbearance
Deed-in-Lieu of Foreclosure
Bankruptcy Protection
 
 
 

Loan Blogs Worthy of Mention

 

Blogs for Consumers

Home Foreclosure Advisors

FHA Home Loan Blog

Foreclosure Education

Mortgage Loan Blog

Loan Modification Blog

Mortgage Fraud Blog

Blogs for Finance Professionals

Mortgage Company Implode

Mortgage Lender Blog

Mortgage Lead Blog


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