Under the Thumb: One in 10 with a mortgage face foreclosure in U.S.

[marmar]

via MichaelMoore.com:




August 26th, 2010 3:57 PM
One in 10 with a mortgage face foreclosure

1 of 1

By Alan Zibel / Associated Press


WASHINGTON – One in 10 American households with a mortgage was at risk of foreclosure this summer as the government's efforts to help have had little impact stemming the housing crisis.

About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said Thursday.

That number, which is adjusted for seasonal factors, was down slightly from a record-high of more than 10 percent as of April 30.

In a worrisome sign, the number of homeowners starting to have problems with their mortgages rose after trending downward last year. The number of homes in the foreclosure process fell slightly, the first drop in four years.

More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to foreclosure listing service RealtyTrac Inc. Economists expect the number of foreclosures to grow well into next year.

The number of Americans missing payments and falling into foreclosure has followed the upward trend in unemployment, which has been near double digits all year and has shown no sign of dropping soon.

"Ultimately the housing story, whether it is delinquencies, homes sales or housing starts, is an employment story," Jay Brinkmann, the trade group's top economist, said in a statement. "Only when we see a consistent increase in employment will we see an increase in sales and starts, and a sustained improvement in the delinquency numbers." ..........(more)

The complete piece is at: http://www.michaelmoore.com/words/latest-news/one-10-mortgage-face-foreclosure

[babylonsister]

1. I find that very hard to believe.

We all know people who own homes and have good jobs who are not at risk of losing their homes. 1 in 10? Repeat first sentence.

[Sanity Claws]

2. I don't find it hard to believe

You'd be surprised at people's finances. As an attorney, I got a good glimpse of many people's finances. They're often a lot worse than you might think.

[babylonsister]

3. OK. I'm just harkening back to people I know who have been

homeowners for awhile, set their mortgages at a fixed rate, and that's the first thing they pay.

As for personal finances, I can see how people might have overextended and are now in trouble.

[Better Today]

9. Everyone I know who is now in trouble has a standard 30 year fixed loan,

but have lost jobs and are either still unemployed or underemployed and simply cannot make a house payment unless they choose to give up something important like car insurance or health insurance. None that I'm thinking of even have car payments, just normal daily stuff. Many no longer have cable or internet access, or water their yards (water here in the summer is outrageously priced), or run their ACs even though we often hit 95F or higher, over 100 today.

You make it seem that only irresponsible folks are having problems that would result in losing their homes. Totally inaccurate and snotty to boot. Until 60 days ago, for example, I had a 792 credit score as my lowest of the three. Now that I'm two months behind on my mortgage, does that mean I'm suddenly an irresponsible person? NO, it means I've been unemployed for two years and simply have nothing left to give to a mortgage. In two more months, I won't have anything for utilities or food even.

I find it so frustrating that people on this site try to promote the crap idea that only scumbags and financially stupid people are suffering, you need to pull your head out of your protected world and see the reality many wonderful people are suddenly facing.

[TlalocW]

4. I'm one of them

I just got papers served to me this evening.

TlalocW

[marmar]

5. So sorry to hear that......

I hope things work out somehow.

[Better Today]

7. Can you do a demand on the note? IE demand the bank prove it has the note?

[JDPriestly]

8. I'm really sorry to hear that.

I have a number of friends in your position. They were all hardworking people.

[Better Today]

6. Absolutely what I'm seeing around here. Everyone is either short one

wage earner, being unemployed, or both being unemployed, and virtually everyone except the gal next door who just bought the home at a foreclosure auction has missed at least one payment. Almost everyone is frustrated that the banks aren't being at all helpful and the Affordable Home routine is not working out for them as at least one has been trying for over a year to get a modification and has since lost his job as well, so now they won't even try anymore.

It's frightful. What's worse is people like the above poster who apparently lives in a protected class and doesn't realize what us plebes are having to face. I never thought I'd see such from a Democratic site.