The Center for Responsible Lending estimated that a whopping 2.5 million foreclosures would be completed during the first 3 years of the foreclosure crisis, which was be from January 2007 through 2009.
It is my understanding that these mortgages were taken out between the years 2005 and 2008 and the majority of these foreclosures were on Owner Occupied properties.
Per an article from Center for Responsible Lending:
• The majority (an estimated 56%) of families who lost homes were non-Hispanic and white, but African-American and Latino families were disproportionately affected relative to their share of mortgage originations.
• Among recent borrowers, experts estimate that nearly 8% of both African Americans and Latinos have lost their homes to foreclosures, compared to 4.5% of whites.
• The racial and ethnic disparities in these estimated foreclosure rates hold even after controlling for differences in income patterns between demographic groups.
As the title of this piece states it looks like this horrible situtation is far from over.
According to a press release in May 2010 from the Mortgage Bankers Association’s National Delinquency Survey (NDS), the proportion of mortgages in the foreclosure process [in the 1st qtr of 2010] is at a historical high of 4.63%.
I urge you to look into your options. A Foreclosure can be stopped. Help to Stop Foreclosure assistance has successfully helped homeowners just like you from having their property unlawfully sold by the scrupulous banks and should be able to help you too.
I offer a free audit of your paperwork to see if I can help, so give me a call to discuss your particular needs. Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, Click Here —>> http://help-to-stop-foreclosure.net/
