Creditwrench teaches the secrets of the debt collection industry and how to defeat their abusive practices without lawyers. We know how to win!
Friday, September 07, 2007
Foreclosure starts set an all-time record

Foreclosure starts set an all-time record

Mortgage delinquency rates increased in the second quarter of 2007, according to data released yesterday by the Mortgage Bankers Association.

From April 1 to the end of June, 0.65 percent of all outstanding home loans in the country entered the foreclosure process, the highest percentage of foreclosure starts since the association started keeping track in 1972. The previous record, 0.58 percent, was set in the first quarter of this year.

The total number of mortgages at some stage in the foreclosure process stood at 1.4 percent in the second quarter, a nine percent increase from the first quarter and a 41 percent increase from the total in the second quarter of 2006.

The percentage of all outstanding home loans that were delinquent in the quarter was 5.12. This is up nearly 6 percent from the first quarter of this year and almost 17 percent from the second quarter of 2006. The MBA categorizes a delinquent home loan as one that is 30 days or more past due.

Because the delinquency numbers exclude loans that are in the process of foreclosure, the two are considered separate measures that can be combined. When added, 6.52 percent of all outstanding home loans were either delinquent or at some stage of the foreclosure process in the second quarter.

Creditwrench students learn how to keep their homes even though they are in foreclosure through aggressive legal
action. They learn how to turn the tables on their lenders and keep their homes.

Now then, lest anyone misunderstand, that don't mean you are going to get your home for free without having to make any more payments. Nothing could be further from the truth. But what you can do using our methods is force your lender to the settlement table where by agreement you can be forgiven late payments in some cases as well as getting your mortgage back on track. Often the lender will arrange for your arreage
to be tacked on to the end of the month or maybe you will agree to make larger payments for a few months until you catch up. You never know what the final settlement will be but with our methods it is highly unlikely you will lose your home through foreclosure.

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