HIGH DEMAND! Millions in Foreclosure and Mortgage Delinquency. Foreclosures and mortgage delinquencies are at an all time high and number in the millions. U.S. homeowners are losing their homes at record rates with no end in sight. The experts predict this is only the tip of the iceberg – in the next few years this epidemic will increase five-to-tenfold.
14.78% OF MORTGAGES PAST DUE – 8.58% IN FORECLOSURE.“In a clear sign of serious unfolding problems, the Mortgage Banking Association (MBA) survey reports that 12% of Federal Housing Administration (FHA) loans are either in foreclosure or delinquent. The delinquency and foreclosure numbers are quite alarming and indicative (along with FHA data) of fundamental systemic lending shortcomings.
FOR THE NATION OVERALL, 14.78% OF CONVENTIONAL SUB-PRIME MORTGAGES WERE PAST DUE, WITH 8.58% IN FORECLOSURE! Some of the worst performing states in terms of total delinquencies include Pennsylvania (17.19%), Indiana (17.16%), Michigan (16.84%), Ohio (16.52%), Iowa (17.3%), Missouri (17.09%), Georgia (16.45%), North Carolina (19.54%), South Carolina (23.12%), West Virginia (17.36%), Alabama (19.76%), Mississippi (23.66%), Arkansas (17.21%), Louisiana (20.64%), Oklahoma (17.04%), Texas (16.45%), and New Mexico (19.05%).” As reported by the Mortgage Banking Association.
MORTGAGE COMPANIES ARE IN THE “NOTE” BUSINESS – NOT LOSS MITIGATION
Most companies have not allocated the resources to adequately staff and operate a Loss Mitigation Division. Some of these mortgage companies have hundreds or thousands of delinquencies monthly. From month to month, this caseload becomes so tremendous that it simply isn’t feasible to continually contact these people who are delinquent to see if they are now in a situation to resume their mortgage on a monthly basis. This is why most mortgage lenders are unwilling to help, usually demanding full payment of everything in arrears. Although some people facing foreclosure are willing to walk away from their properties, most truly don’t want to lose their most valuable asset – their home.
HOMEOWNERS AREN’T FAMILIAR WITH THEIR RIGHTS OR OPTIONS
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NICHE MARKET
MINIMAL COMPETITION
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