AVOID FORECLOSURE WASHINGTON
As the mortgage crisis spreads, hitting new heights every month, borrowers with good credit now make up the largest share of foreclosures. With job losses and pay cuts simultaneously on the rise, a record 12 percent of homeowners were behind on their payments in the first quarter of 2009; a trend in which is predicted to continue well into the coming years. In the exploding housing crisis, millions of borrowers across Washington are now struggling to avoid foreclosure.
Much of the blame for the current recession can be placed upon risky adjustable-rate loans made to borrowers with bad credit to begin with. Nearly half of all sub-prime ARMs today are past due or in foreclosure, with no end in sight for homeowners misled into inappropriate or unscrupulous loans. [Seattle Times, 5/28/2009]
Experts believe this trend will continue to spread throughout the country as unemployment mounts and borrowers with good credit face skyrocketing foreclosures. The number of borrowers now receiving unemployment benefits reached the highest on record this last May at 6.78 million, and this number continues to rise. Economists are saying this number could reach double digits, and will coincidentally add to the ailing economy and housing market.
In over half of the largest U.S. cities, home prices are due to fall through the first quarter of 2011 while unemployment and foreclosures rise. According to recent reports, 30 out of the 50 biggest metropolitan areas will have a 75% likelihood of house values falling through March 31, 2011, while Washington has shown a 92 percent chance of lower housing prices. Affordability is no longer the driving issue in the housing market, as home values continue to fall, all while a growing number of homeowners struggle to avoid foreclosure. While unemployment and foreclosures rise steadily, the value of houses continue to fall across America, leaving millions of homeowners at greater risk of losing their homes. [Forbes, 5/28/2009]
With unrelenting unemployment rise, borrowers with good credit now unable to make their payments due to job loss, and other hardships, continue to escalate the number of foreclosures around the country. Thankfully, more and more borrowers with good credit and looking to avoid foreclosure now qualify for a number of programs and options allowing them to save their home. Included in recent changes to the president's program, borrowers are now allowed to use unemployment benefits as a source of income for a Loan Modification.
A well-established mortgage servicer, Mortgage Loan Center, LLC, in Edmonds, WA, has assisted thousands of Washington homeowners stuck in dead-end loans, bad interest rates, or facing foreclosure. These homeowners are now able to save their homes from foreclosure, as well obtain more affordable monthly payments, all thanks to new changes and programs implemented by the Obama administration. The only Washington state certified instructor of continuing education classes for loan modification, Randy Lowell of Mortgage Loan Center, now offers free classes to the public in order to inform them of their rights, and the options available to them. In addition, with a free loan modification evaluation, homeowners can immediately begin the process of saving their home.
Mortgage Loan Center, LLC
License # 510-MB-20022
Please fill out this form for a free evaluation and learn if you qualify for any of the new government sponsored programs.
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