Growing Job Losses Will Cause More Foreclosure…
Thursday, November 20th, 2008Job Losses Growing Will Cause More Foreclosure…
At 7:30 am this morning jobless claims week ending 11/15 just went up significantly up 27,000 to 542,000 lost jobs
That’s the lastest headlines all over the web. You can read the latest article today I just read today titled No Job, Bad Mortgage, no luck. This article relates to are recent articles about job losses of the recent unemployed. Here are some highlights from this recent article:
Because of the growing wave of home owners losing their jobs, this is causing more foreclosures, and banks can’t do much to help these home owners simply because they have zero income. The banks aren’t offering relief at all. Mortgage modifications have tried to help in the past by getting home owners loans more in check at the 31% range of DTI. If there is no income at all, no amount works. “A record 1.2 million homes were in foreclosure during the second quarter of 2008″ “The unemployment rate is at 6.5%, its highest level in more than 14 years.” “45.5% of all delinquencies reported by Freddie Mac were due to unemployment or the loss of income, according to the company. That’s an increase from 36.3% in 2006.” Right now a short-term modification or forbearance plan may be made on a case by case basis for each home owner by non profit loan servicers and banks. Many homeowners are being told on television and in the media to call their lender for help and many feel they aren’t getting it. The fear of these home owners losing their jobs and going into foreclosure is that it will continue to drive down prices, which in effect will put more homeowners under water which will cause more foreclosure. Are solution to all of this is for our 3rd party negotiators to help you with your minnesota short sale home. Contact me today if you owe too much on your home, are behind in payments or in foreclosure.
Real Estate Broker, Ron
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