Another wave of foreclosures?
A recent study done by Homeownership Preservation Foundation (HPF), a nonprofit dedicated to helping distressed homeowners navigate through financial challenges and avoid foreclosure through its Homeowner’s HOPE™ Hotline (888-995-HOPE™, announced on July 12th that their incoming calls have increase up to 70% this year, signaling a wave of new foreclosures.
Half of the callers counseled by HOPE Hotline this year are currently not behind on payments but say that with inability to meet monthly expenses could put them in default and failure to stay current. More than 75% of these borrowers had credit well above the subprime threshold when they received their mortgages but now at risk of default because of increased credit card usage. This is due because of a combination of circumstances such as lower incomes, job loss, heatlhcare increases and various recession related issues.
Most perceive HOPE Hotline is only for emergencies, when in fact if you are running behind on your budget and are nervous about how you are going to make payments on a monthly basis, your already in an emergency! It is best to call HOPE Hotline and address your housing situation as soon as possible!
To learn more about HOPE and read full press release click here. If you have any questions please call or email me. We are always here to help!
Summit Home Mortgage
303-779-0591 ext. 101