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FORECLOSURE OPTIONS A recent forecast by Housing Predictor has estimated that more than 2,000,000 homes in the United States will face foreclosure in the next 2 ½ years; numbers which represent the nation’s worst housing crisis since the U.S. Savings and Loan Scandal. Homeowners and Foreclosure Homeowners are more satisfied with their lives and are happier. Homeownership is positively associated with physical, mental and emotional health. – Source: Robert D. Dietz, “The Social Consequences of Homeownership.” Children of homeowners are likely to perform higher on academic achievement test and are more likely to finish high school. They also have fewer behavioral problems in school and are less likely to become pregnant as teenagers. – Source: Robert D. Dietz, “The Social Consequences of Homeownership.” About 6 in 10 homeowners wish they understood the terms and details of their mortgage better. – Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005. More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to a person having trouble with their mortgage. – Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005. Homeowners fail to contact their lender because they are embarrassed, don’t believe the lender can help, and/or believe it would cause them to lose their home more quickly. – Source: Freddie Mac/Roper poll of 2,031 U.S. homeowners, conducted 2005. In a recent poll, 1,344 U.S. homeowners were asked if home foreclosure were likely for them how they would best describe their feelings about the situation. · 38% = Scared Many homeowners already are at the financial edge: · 16% have problems paying taxes, utilities or property insurance · 12% have high-cost auto or consumer loans · 10% have problems with overspending - average American household carries $8,000 in revolving credit card debt; $18,600 in consumer debt (not including mortgages) · 43% of American households spend more than they earn each year – Source: Homeownership Preservation Foundation data of 60,000 homeowners Tipping points that put these people over the edge: · 32% have experienced a job loss · 25% have experienced a health crisis · 10% have a physical disability · 10% have experienced a death in the family · 85% have already missed one mortgage payment · 50% have already missed two payments; most have no savings, no available credit and their extended families have limited resources, any loans tend to be for a first-time purchase, and most loans are less than three years old. For many, they may already have refinanced two or three times already – Source: Homeownership Preservation Foundation data of 60,000 homeowners 52% of Employees live paycheck-to-paycheck. – Source: The MetLife Study of Employee Benefit Trends, November 2003. Nearly 42% of all American households did not have enough in liquid financial assets to support themselves for at least three months. – Source: Asena Caner and Edward N. Wolff, “Asset Poverty in the United States: Its Persistence in an Expansionary Economy,” Levy Economics Institute of Bard College, 2004. 46% of American households had less than $5,000 in liquid assets, including IRAs. – Source: Asena Caner and Edward N. Wolff, “Asset Poverty in the United States: Its Persistence in an Expansionary Economy,” Levy Economics Institute of Bard College, 2004. · 35% = Depressed · 9% = Angry · 8% = Embarrassed – Source: Harris Interactive poll conducted October 5-7, 2005. Lenders & Foreclosure Lender cost of foreclosure: $58,759 – Source: Dona Dezube, “Heroic Homeownership,” Mortgage Banking, (June 2006) Low- and moderate-income borrowers who enter a repayment plan have a 68% reduction in the likelihood of home loss. – Source: Dona Dezube, “Heroic Homeownership,” Mortgage Banking, (June 2006)