The housing crisis is not showing any signs of slowing and
instead many more people will be affected well into the future.
According to Housing Predictor, 7.6 residential properties
have been foreclosed since the housing crisis began 5 years ago. They also
estimate that 7.4 million more homes will be seized by 2016. Some of these
homeowners can fight foreclosure with the help of a qualified
foreclosure attorney.
The housing crisis has put close to 45 million people out of
work. Unemployment is one of the main reasons people lose their homes to banks.
Foreclosures were initially focused in poor neighborhoods where
subprime loans, which can significantly increase monthly loan payments over
time, made up the majority of mortgage loans. For some of these homeowners a
foreclosure lawyer can help them get a
modification for their mortgage loans.
The crisis has spread into more affluent and middle class
neighborhoods where people obtained more traditional mortgage loans.
The practices of the banks have also driven the number of
foreclosures up, hundreds of thousands of mortgage documents were forged by
bank employees. And in some circumstances banks have had difficulty determining
which banking entities own some home loans. Mortgage lenders have been the
subject of a yearlong investigation into how they have handled mortgage loans
and what part they play in the housing crisis
.
If a person feels as though mortgage lenders are wrongfully
attempting to seize their residences they can find an experienced
foreclosure attorney to represent them
and make it possible to stay in their homes.
