"When we refinanced our home, we didn't think that we would be facing the foreclosure process. But there we were - after 15 years in our home, going through a foreclosure because we couldn't afford to pay the mortgage. We refinanced to get money out to finish the basement, but then I lost my foot in a snowmobile accident. I was laid up for a while and the bills mounted. Then we found that the mortgage payments were actually going up! After 15 years in the same place, it can be really tough. But my wife called 1st Foreclosure Prevention and they helped us out. They gave us free advice on how we could stop foreclosure and what to do. We were able to save our home from foreclosure with their help."
"I wanted out of my mortgage in the worst way - it was the worst investment that I could make. The roof leaked and there were tons of other issues. But I didn't want to go through the foreclosure process because I knew it would screw up my credit. So when I found out about 1st Foreclosure Prevention, I figured I would give it a try. I was struggling to make payments on a piece of property that I didn't want. I got a free foreclosure consultation from them and they told me different things that I could do to get out of it. They gave me great foreclosure help and even helped me get rid of the property. Now I have a great place and no foreclosure on my record. And working with them was easy, too. Thanks, guys!"
"The bank was actually selling our house right out from under us! I didn't think it was possible, but we live in a state where the bank can start selling your home if you do not pay your mortgage. So we got a notice that they were selling and didn't know what to do. We weren't even sure we wanted to live there anymore as it was worth a lot less than what we paid for it. But we had no idea about the impact foreclosure has until we learned about it from a friend. We did want to be able to get a fresh start and didn't want a foreclosure haunting us for years to come. So we contacted 1st Foreclosure Prevention and they were able to help us stop foreclosure. They stopped the sale and then helped us sell our house. They really ended up saving us."
"We didn't want to go through the foreclosure process. We were so embarrassed that we were facing a foreclosure and knew that all our neighbors would find out. A couple down the street had a foreclosure and they posted a sign on the property. It was so embarrassing. But we knew that it was coming. My husband lost his job and we were really struggling to make ends meet. We didn't want to lose our home, but felt we had no choice. We were really ashamed of what happened to us. Then we talked to 1st Foreclosure Prevention and they made us feel so much better. They didn't make us feel ashamed and actually gave us the foreclosure help we needed. Thanks to them, we didn't have to go through the foreclosure process that would have pained the entire family."
"We figured that we'd be going through foreclosure no matter what. But we didn't know there were things that you could do to stop foreclosure from happening to us. We heard about foreclosure scams and were hesitant to even contact anyone for foreclosure help, for fear of getting scammed. But 1st Foreclosure Prevention seemed pretty legitimate. They helped us out and were actually able to stop foreclosure from happening to us. We got a free foreclosure evaluation and they were very informative as well as professional. We were pretty impressed with their experience and their knowledge of the laws in our state. We're glad that we contacted them as they really gave us the foreclosure help we needed."
"When we found 1st Foreclosure Prevention, we were about to file bankruptcy. We thought it was the only way to stop the foreclosure process. We were so embarrassed at having to do this and didn't want our kids to even know. But we had to act right away if we wanted to stop foreclosure from happening to us. We had an adjustable rate mortgage that ballooned out of control and I lost my job. We had nothing to lose by getting the free foreclosure consultation from 1st Foreclosure Prevention. We were actually surprised at all of the choices we had to stop foreclosure. Thanks to them, we didn't have to file bankruptcy and are no longer in debt."
Home / An alarming report says 2010 will see more Foreclosures
An alarming report says 2010 will see more Foreclosures
A recent report issued by the Mortgage Bankers Association (MBA) that the rate of homeowners delinquent on their home loans is climbing. This means more homes are going to be repossessed and foreclosed upon. The report also predicts that this rate will continue to increase throughout 2010.
The record-high foreclosure rates indicated that as of the end of the third quarter of 2009, 1 in every 7 homes in the U.S. was past due on its payments or already in foreclosure proceedings. The number is the highest it has ever been since the MBA began to record these figures in 1972. Even more troubling is that the end of 2008 saw 1 in 10 homes past due or in foreclosure.
Alternating positive and negative signals in the housing market confuses many consumers and industry experts. On one hand, median home prices have stabilized after dropping from record highs in decades. States like California are seeing their most-desirable housing markets slowly increase their price levels again.
Negative trends still abound. Foreclosures are on the increase, while applications for new home purchases have been steadily declining for weeks. This is unusual considering that government and industry actions have brought interest rates to less than 5% on 30 year fixed rate loans. Incentives like this usually spur purchases, but job losses, reduced income, and consumer skepticism are leading to stagnant sales.
Economists comment that the current market cannot be readily compared to peaks in the past, where foreclosures rise for about two consecutive quarters and then taper off. It is predicted that foreclosure rates will increase far beyond this, due to the unusually high housing bubble and accompanying collapse.
Most worrisome is the addition of prime loan failures – the loans made to borrowers who supposedly had great credit ratings. Unfortunately, in this economic environment, even people who had steady streams of income are facing foreclosure due to job loss and record high unemployment rates. Prime loan failures are up from 21% in 2008, to 33% as of the end of the third quarter.
What is tough for these prime loan borrowers is that they may not qualify for government programs to prevent foreclosure, since some banks are reluctant to modify loans for those they consider in a short-lived slump.
