"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."
"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."
"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."
"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."
"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."
Home / The Mortgage Crisis Appears to be Long-Lived
The Mortgage Crisis Appears to be Long-Lived
Recent reports indicate that mortgage foreclosures are up for 2009 as compared to 2008. This sparks fears that the mortgage crisis is far from over. Mixed signals include rising home prices in some parts of the country, while ever-increasing numbers of homeowners are at risk for losing their homes. Add to that the increased number of so-called prime borrowers that are at risk.
However, there are some solutions being offered by both government and private programs. One program is called Making Home Affordable, and it has allocated up to $75 billion in public funds to help prevent foreclosure for millions of Americans.
For example, in Dutchess County, New York during the first three quarters of 2009, foreclosure proceedings amounted to 1,331 filings of the initial document, known as lis pendens. This is a legal document placed on a property to indicate the loan is in delinquency. While such a filing does not always lead to foreclosure, it certainly shows a negative trend.
For Duchess County, that has meant an increase in lis pendens filings of over 22% to date in 2009, as compared to 2008. Foreclosure activity such as this began to show in 2006, and has been steadily increasing since.
In Ulster County, the local government released similar information – that there were 725 lis pendens filings during the first three quarters of 2009, up 6.3% compared to 2008.
The clerk’s office in Ulster County is reporting there have been 725 lis pendens filings for the first three quarters, which is a gain of about 6.3 percent over the same period in 2008. On a positive note, Ulster County judgments of foreclosure experienced a downward trend during the same time period – a decrease of 13.7%.
Some housing counselors who are trained in loan modification and foreclosure mitigation are seeing such activity as early trends that the crisis could be waning. However, that statistic may prove an anomaly, since it took place so recently and is a fairly minor trend.
One possible explanation for the decrease is new programs put in place by the federal and local governments to help homeowners prevent foreclosure. Loan modification and refinancing options are available through the stimulus package. The loan modifications, or loan mods, as they are sometimes called, help to lower monthly payments using a variety of techniques.
Some mortgage lenders indicate the programs take some time to administrate and process, so we will not see positive results for some time yet.
