US News Reports Foreclosure Crisis Worsening

by admin ~ October 22nd, 2012.

Most people are under the impression that the foreclosure crisis is getting better.  The US News published an article that indicated the contrary.

Home Foreclosure Facts:
•The underwater mortgage loans which are currently under the foreclosure process, is amounting to almost $45 billion (that is mainly in terms with negative equity)
•More than almost 12 million homeowners are currently considered to be underwater, who are still making payments
•There are more than 1.5 million of the homeowners, who are at least 50 years or even older and may have lost the house to foreclosure, since the year 2007, when the mortgage crisis actually began
•The government has monitored the settlement program, and has reported that the 5 most significant banks has provided around $10.6 billion in total, as the financial relief starting from only from March 1st through that of June 30th.
•Almost close to 140,000 numbers of homeowners has received at least one or the other type of mortgage debt relief, with respect to the mortgage settlement program, averaging to around $76,615 amount every person.
•Since the year 2010, almost 270 churches have gotten sold off, after they have defaulted on the mortgage loan payments, and the 90% of the home sales resulted after foreclosure chain which was triggered off by the lenders.

Read the US News Article on Home Foreclosures.

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