Foreclosure Facts
A recent forecast by Housing Predictor has estimated that more than 2,000,000 homes in the United States will face foreclosure in the next 2 ½ years; numbers which represent the nation’s worst housing crisis since the U.S. Savings and Loan Scandal.
Homeowners and Foreclosure
Homeowners are more satisfied with their lives and are happier. Homeownership is positively associated with physical, mental and emotional health.
– Source: Robert D. Dietz, “The Social Consequences of Homeownership.”
About 6 in 10 homeowners wish they understood the terms and details of their mortgage better.
– Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005.
More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to a person having trouble with their mortgage.
– Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005.
Homeowners fail to contact their lender because they are embarrassed, don’t believe the lender can help, and/or believe it would cause them to lose their home more quickly.
– Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005.
Many homeowners already are at the financial edge:
· 16% have problems paying taxes, utilities or property insurance
· 12% have high-cost auto or consumer loans
· 10% have problems with overspending - average American household carries $8,000 in revolving credit card debt; $18,600 in consumer debt (not including mortgages)
· 43% of American households spend more than they earn each year
– Source: Homeownership Preservation Foundation data of 60,000 homeowners
Tipping points that put these people over the edge:
· 32% have experienced a job loss
· 25% have experienced a health crisis
· 10% have a physical disability
· 10% have experienced a death in the family
· 85% have already missed one mortgage payment
· 50% have already missed two payments; most have no savings, no available credit and their extended families have limited resources, any loans tend to be for a first-time purchase, and most loans are less than three years old.
For many, they may already have refinanced two or three times already
– Source: Homeownership Preservation Foundation data of 60,000 homeowners
52% of Employees live paycheck-to-paycheck.
– Source: The MetLife Study of Employee Benefit Trends, November 2003.
Nearly 42% of all American households did not have enough in liquid financial assets to support themselves for at least three months.
– Source: Asena Caner and Edward N. Wolff, “Asset Poverty in the United States: Its
Persistence in an Expansionary Economy,” Levy Economics Institute of Bard College, 2004.
· 35% = Depressed
· 9% = Angry
· 8% = Embarrassed
– Source: Harris Interactive poll conducted October 5-7, 2005.
Lenders & Foreclosure
Lender cost of foreclosure: $58,759
– Source: Dona Dezube, “Heroic Homeownership,” Mortgage Banking, (June 2006)
Low- and moderate-income borrowers who enter a repayment plan have a 68% reduction in the likelihood of home loss.
– Source: Dona Dezube, “Heroic Homeownership,” Mortgage Banking, (June 2006)
Foreclosure Options
Some of the most common options include refinancing to roll past due payments in to the loan and “start fresh” with the mortgage debt, a debt workout plan, or a Chapter 13 Bankruptcy. Given the current mortgage meltdown, most companies are not allowing homeowners to refinance their mortgage loans, even if they have a superior credit rating.
Even so, refinancing is usually not an option since the mortgage companies will generally not lend to someone who is currently delinquent on their mortgage payments. Many people facing foreclosure find that filing a Chapter 13 removes the immediate threat of foreclosure and allows them to catch up on past due mortgage payments over time.
Lawyers Loan Modifiers would only recommend a Chapter 13 filing as an absolute last resort to getting out of foreclosure! There are other options available to you, which is why we are here to help. If you are potentially facing a foreclosure or if you know someone who is or may be, please contact us today to learn about your options. We may be able to keep you out of foreclosure, in your house and out of bad debt.
Results.
Our comprehensive representation of your unique situation to the lender and superior result-driven service is what sets us apart from our competition. You can rest-assure that we will be HONEST with you and will not give you false hope or unrealistic expectations regarding the outcome we can achieve. We will NOT waste your time or give you false hopes. We understand how stressful this situation already is for you. Lawyers Loan Modifiers stands behind our commitment and promise to try to help remedy your situation and keep your home.
CUSTOMER TESTIMONIALS...
"My husband and I were at a low point in our financial status and we were on the brink of losing our home. When we contacted [HPA], our analyst made us feel confident that she was the right person to have working with us. She made sure we knew that getting us the best possible modification was her utmost priority. We felt that she worked a miracle for us and gave our family hope that we could stay in our home. Now we are able to take steps to repairing our financial status thanks to your help."
~ Joseph & Gina P.
"I just wanted to let you know that I have been so happy with your services. You have been very helpful during a very difficult time and your services have prevented what would have been a catastrophic outcome. You have been so professional and have given me that light at the end of the tunnel that I needed during a very dark time in my life. Thank you for all that you have done and keep up the great work!"
~ Lisa E.
"I must say that I have been very impressed with what you guys have been able to do for my family and I. This year has been one of the worse years of my life. There have been many unexpected events that have taken place in our lives including job and medical issues. Because of these problems we were put in a very bad position and we thought that the next terrible thing to have happen to us would be losing our house and filing bankruptcy. What could be worse?! But we are eternally grateful to your services and what you have done to help turn around what would have been a very terrible outcome for our family. Just when I thought we were going to have to move in with family, we were able to save our home and have the chance to continue to raise our children in the place they have called home. Thank you, thank you, thank you for all you have done! We couldn't have done it on our own!"
~ John, Debra, Haley and Christopher C.
"My wife and I have only been married for 3 years, but this last year nearly cost us everything we have worked for in the last 5 years. Thankfully your services have helped us to keep the one thing we couldn't imagine giving up. We have been looking forward to raising our family in our home and just a few months ago we thought that this would not be possible for us. Now we KNOW that we are going to be able to start a family in the our home that we have worked so hard for."
~ Kyle & Elissa S.
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