Foreclosure Statistics - Summer 2007
Stopping ForeclosureForeclosure LawsForeclosure Helpcontact Stop foreclosure Services

Foreclosure Statistics from the Summer of 2007

In recent years, there has been a flurry of homeowners looking to buy houses.  With interest rates at all-time low rates it was the best time possible to start looking into purchasing a house.  The only down side to the run to purchase a new home was that many buyers made the mistake of purchasing a home using a variable rate mortgage.  This mistake has caused thousands of people a problem as interest rates have started rapidly rising.

To really bring the problems to light think about these statistics: in 2006 in the month of August alone there were 113,300 foreclosure proceedings initiated.  However, in 2007 this number jumped up to 243,947, which was an increase of an astounding 115%.  This really illuminates a huge problem that has occurred and started coming to light several years ago.

With the number of people who were signing up for variable rate mortgages increasing, the amount that people were applying for was steadily rising as well.  This resulted in many people taking on mortgages that were much larger than they could actually afford.  For people who were looking at simply refinancing their existing mortgage before the variable rate kicked in, many have been thoroughly upset to discover that they owe more on the property than it is worth, thereby making a refinance virtually impossible.

As the problems continue to expound for people who have been harmed the most by the variable rate crunch, adding the fact that the economy has been struggling just piles the problems onto the mortgage industry even more.  While many people are able to barely hang on and save their homes, the majority of people who did purchase their home using a variable rate mortgage now have to face the problem of how to really deal with the problems that have been created by the sudden huge increase of interest rates. 

While the mortgage industry is struggling to recover, thousands of homeowners each month find themselves sinking even further into debt and start struggling to really recover from the problems that are piling up.  There are always ways to help reduce the effects of foreclosure, but frankly most help seems almost as if it is too little, coming much too late.  To really help someone save their home it is usually necessary to notice that the problem is coming ahead of time and really start looking at the overall financial situation that you are about to face.

Making hard decisions is often required to help really walk away from the situation as painlessly as possible, and while it may seem as if everyone is out against you, things really are not this way.  There are thousands of people who are facing the exact same position.  Looking for a real solution is not always easy, but discussing the problems with your lender as soon as a potential problem is on the horizon is always the best way to get the results that you need. 

Remember, as the number of foreclosures continues to rise, the problems that are experienced for mortgage companies will increase as well.  This leaves you in a powerful position so you can negotiate with the lender to help work out a mutually acceptable solution.  Remember, there is no reason that you need to join the almost 300,000 people being drawn into the foreclosure process each month.  Taking quick actions can help you really ensure that you are well on your way to making acceptable arrangements with your mortgage company.  Remember: your lender does not want to take your home.  They just want you to pay your loan back.  Most lenders are willing to work with you to help you make that happen.

As interest rates continue to rise, there will likely continue being a huge increase in the number of foreclosures that are initiated all around the country.  Relief is not likely to come fast enough for everyone to seek relief.  However, with planning, as well as a conscious effort as quickly as possible it is possible that you can work with your lender to save at least your credit, if not your home if you are lucky.

In order to really achieve the results that you want, you must make an effort to avoid the foreclosure process for as long as possible.  Do not give up hope that you will for sure lose your home.  Instead, it is very important that you work as much as possible to regain your entire financial independence and save your home.  With the ever rising increase of foreclosures occurring, there will always be thousands of people struggling to keep their homes.


Get local foreclosure help now!

Whatever your foreclosure situation is time is against you. The sooner you discover your options, the easier it may be to stop your foreclosure.  Please enter your zip code in the field below to find foreclosure help in your area.

  Enter your zip code below to find Foreclosure Help in your area.  

© Copyright 2007 Web Pro LLC, All Rights Reserved
The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.