Quick Facts About Foreclosure

An estimated 6 million families could be facing the question of foreclosure family2in the next three years, with nearly 1 in 10 mortgage holders either delinquent or in foreclosure. Following are facts about foreclosure we all need to be aware of:

1 out of every 200 homes will be foreclosed upon.
Source: Mortgage Bankers Association

Every three months, 250,000 new families enter into foreclosure.
Source: Mortgage Bankers Association

One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage.
Source: Mortgage Bankers Association

A slower real estate market can translate into falling prices and home values.

As a result, homeowners who opted for adjustable rate mortgages may now find that as their mortgage rate adjusts higher, their home value is lower and therefore refinancing is no longer an option.
Source: Mortgage Bankers Association

Six in 10 homeowners wish they understood the terms and details of their mortgage better.
Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners

More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to individuals having trouble with their mortgage.
Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners

Homeowners fail to contact their lender because they are embarrassed, don’t believe the lender can help, and/or believe it would cause them to lose their home more quickly.
Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners,

The Cost of Foreclosure for Cities and Communities

Homes in foreclosure that become vacant provide sites for crime or other neighborhood problems. One foreclosure can impose up to $34,000 in direct costs on local government agencies, including inspections, court actions, police and fire department efforts, potential demolition, unpaid water and sewage, and trash removal.
Source: William C. Apgar, Mark Duda, and Rochelle Nawrocki Gorey, “The Municipal Cost of Foreclosures: A Chicago Case Study”

One foreclosure can result in as much as an additional $220,000 in reduced property value and home equity for nearby homes.
Source: William C. Apgar, Mark Duda, and Rochelle Nawrocki Gorey, “The Municipal Cost of Foreclosures: A Chicago Case Study”

For more information about President Obama’s new plan go to Obama’s Mortgage Rescue Plan or How an FHA mortgage can help a first time buyer.

To find out all the benefits and options for preventing foreclosure, go to Foreclosure Prevention Team Ready to Help in Hudson County contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE. Their market includes Hoboken, Jersey City, Weehawken and Union City. They can be reached at 201-344-2886 or at eddie@InvestHoboken.com Prevent Foreclosure.

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