"We were like most other folks, I guess. Facing the foreclosure process and losing our home because we were out of work and owed too much on the property. You always hear about this happening to other people but never think it would happen to you. We were just going along with everything, trying not to think about it, but then my husband got an idea to call 1st Foreclosure Prevention - a company he had heard about that could stop foreclosure from happening. I figured it was a scam of some sort, but after we both got their free foreclosure consultation and found out about their company, we were impressed. We weren't like most other folks, at that point. We had foreclosure help and were able to stop foreclosure from happening to us."
"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 were pretty shook up about losing our home. After all, we have been here over 30 years. But we refinanced our home to help our son buy his. Then he lost his job and went into foreclosure and had to move in with us. We were about to go through the same foreclosure process and then we'd have nowhere to go. We called 1st Foreclosure Prevention and then helped us understand a few things about how to stop foreclosure. I wish my son had called him as this could have helped him. But it did help us and we were able to keep our home, thanks to them. Our son is getting back on his feet, but he would have done better had he called them and not gone through foreclosure. We're pretty happy with the service they gave us."
"We were really behind on our mortgage and getting calls all of the time from the lender who wanted their money. We didn't know what to do and thought that we would have to go through a foreclosure. We knew that this happened to other people, but didn't think it would happen to us. But I had been sick for a while and off work. The medical bills took all of our savings and we even had to refinance to pay off the hospital. We contacted 1st Foreclosure Prevention and were really impressed with their service. They were able get the calls to stop as well as the foreclosure process while we worked with them on all of our options on what we wanted to do. We decided to sell our home and move on. Thanks to them, we have another home and are not struggling any more."
"I struggled so hard to buy my home for me and my children and thought I got a good deal on a loan. But then I found out that the loan amount was going to go up each month. I wasn't able to afford the new payments. I had gotten a new job after being laid off, but my new job didn't pay as much as the old one. I was really figuring that I was in trouble. I wanted to save my home from foreclosure, but didn't know how. I called 1st Foreclosure Prevention and they treated me with compassion and respect. They knew all about the law, too, and how to stop foreclosure. They gave me a totally free foreclosure evaluation and explained all my options to me. Because of them, I was able to save my home from foreclosure."
"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!"
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.
