Be the first to like this
As this report goes to publication, one in seven borrowers is behind on their mortgage.1 One in four homeowners with a mortgage owes more than their home is worth.2 The unemployment rate is 10% nationally, with millions of additional Americans either out of the workforce or underemployed. Hundreds of thousands of homeowners have “pay option” ARM mortgages that are ticking time bombs for payment shock, when these loans reset to much higher payments. Despite efforts of servicers, homeowners, and the government, the foreclosure crisis continues to worsen. These signs point to more foreclosures in 2010 than in 2009.