Posts Tagged ‘foreclosure crisis’
First American Mortgage Executive Scott Hess, sat down with loan modification Buzz for an interesting perspective regarding the foreclosure crisis. Hess noted that “There were nearly 1 million loan modifications reported from the mortgage lenders in 2008 and 2 to 3 million mortgage modifications projected for 2009.” He believes there is reason for growing concerns with the vast number of mortgages scheduled to reset with higher adjustable rates and tricky payment options loans that feature negative amortizations offering new loss mitigation challenges for lenders like Countrywide, WAMU, Chase and Wachovia.
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Reflect back on the mortgage crisis that turned into a foreclosure and economic crisis that has sent the American economy spiraling with home values that continue to decline rapidly. Get additional mortgage relief tips and foreclosure protection online visit http://www.LoanModificationBuzz.com. LMB offers loan modification programs for mortgage lender negotiations with Bank of America, Countrywide, Citi Bank, Chase, WAMU and Wells Fargo. We recommend solutions that keep you safe at home with renegotiated mortgage payments that you can now afford.
The foreclosure crisis has nearly devastated the American economy. According to Zillow, 17.6% of all homes are now underwater in the United States. Of those under-water homes, 41.2% of these home loans came from properties purchased less than five years ago. The worst value stricken cities are located in the where the sun shines bright. Riverside, San Diego, Orange County, Los Angeles and Las Vegas, 61.4% of all primary residence homes are underwater.
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