Rising Foreclosures Won't Stop Our Economy, But This Offers
Little Consolation For Today's Distressed Homeowners
A recent study by First American Corporation of Santa Ana, California predicts some 1.1 million people will likely face losing their homes to foreclosure during the next 6-7 years. Adjustable-rate mortgages which were so tempting during the real estate boom are the primary cause for the expected losses.
Putting this to a dollar amount reveals lenders taking about a hit for over 112 billion dollars. This amount is greater than the Gross National Product for most countries, yet U.S financial experts predict the economy should be able to absorb the loss since it represents less than one-percent of the expected $12 trillion in new home mortgage loans projected over the same 6-7 year time frame.
While this is good news for the country and the economy it does little to lessen the stress for those million-plus homeowners unable to stop foreclosure on their homes.
What is the current foreclosure situation? Another foreclosure record was broken recently as another 286,000 foreclosures were filed during the third quarter. Once again these record numbers were driven by a handful of states - California, Florida, Nevada and Arizona. In fact the foreclosure numbers across the country showed an overall decrease if you don't take those four states into consideration.
The challenge for a homeowner to avoid foreclosure has become even greater now that more stringent measures have been set into place to prevent another out of control boom real estate market like the one that gripped the nation between 2003 - 2005. Because credit availability has been constrained, refinance options are limited for borrowers. All these factors work against homeowners barely keeping their heads above water as it is. Worse yet is that as time passes the possibility for stopping foreclosure will become harder still.
The allure of homeownership and the greed of some lenders combined to make to make this one of the most tumultuous real estate markets in history. For millions of unfortunate homeowners the worse may be yet to come.
Victim or Victor – the Choice is YoursYou could lose everything or you could come out of this with more than you ever thought possible. It all rides on your decision to contact us. The sooner you do that, the better the outcome. Get started and stop foreclosure now by answering a few questions for us . To Talk to Someone Now Call: 1-888-I-SAVE-80 There's no obligation. In fact the initial consultation is FREE. And that may be all you'll need to stop the foreclosure for good. Learn What You Can Do To Avoid Or Stop Foreclosure |