Care to explain what’s happening with your mom losing her house
Every three months, 250,000 new families enter into foreclosure (according to the Mortgage Bankers Association).
According to the Homeownership Preservation Foundation, the following are “tipping points that put homeowners over the edge:”
- 32% experience a job loss
- 25% experience a health crisis
- 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
- Most have first-time loans, and most loans are less than three years old.
- They may have already refinanced two or three times.
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