Shorter Time Frame From Job Loss To Foreclosure and Eviction

by Ken Kappel on October 27, 2011

This article is short, ugly and to the point. In order to inform underwater homeowners and folks with foreclosure issues of breaking news related to foreclosure issues, we often carry articles from DSNews. Carrie Bay tells the story. Read her entire article below, or at her web: “Job Loss Could Put One in Three Out of Their Home” The link is live. To the article.

One in three Americans would be unable to make their mortgage or rent payment beyond one month if they lost their job, according to the results of a national survey taken in mid-September. [Emphasis Added.]

“Despite being more affluent, the poll found that even those with higher annual household incomes indicate they are not guaranteed to make their next housing payment if they lost their source of income. Ten percent of survey respondents earning $100K or more a year say they would immediately miss a payment.” [Emphasis Added.]

“The survey was conducted on behalf of a financial consortium comprised of the Certified Financial Planner Board of Standards, Financial Planning Association, Foundation for Financial Planning, and the U.S. Conference of Mayors.”

Sixty-one percent of those surveyed said if they were handed a pink slip, they would not be able to continue to make their mortgage or rent payment longer than five months.” [Emphasis Added.]

“Job loss has become the primary driver of mortgage defaults. With the national unemployment rate holding above 9 percent for five straight months and not expected to drop by any significant measure in the foreseeable future, the state of the labor market is one of the biggest obstacles for struggling homeowners and their lenders.”

Ken here. Fake unemployment number from the Fed. More like 22% nationally, see, John Williams at Shadow Stats. Look around, got family and friends — a lot of them — out of work or underemployed, and barely getting by? Enuff said.

“A number of programs at both the national and state level have been launched to assist unemployed homeowners, but so far the expected results haven’t materialized.”

“HUD has told that it does not expect to meet the original goal set for the $1 billion Emergency Homeowners Loan Program (EHLP) of subsidizing 30,000 unemployed homeowners’ mortgage payments.”

“The New York Times reports that fewer than 15,000 borrowers are likely to receive EHLP assistance and more than half of the money allotted for the program will go unspent.”

“An analysis of government records by USA Today shows that a separate federal program which provides money to individual states to assist homeowners who’ve lost their jobs has been slow in ramping up.”

“Through the Treasury’s Hardest Hit Fund, 18 states were awarded a total of $7.6 billion to develop their own localized programs to counter unemployment and falling home prices in the fight against foreclosure.”

USA Today says only about 1 percent of this money has actually been distributed to distressed homeowners, 16 months after the program was launched.”

“The news agency found that as of June 30th, 17 states had used the federal funds to help about 7,500 homeowners.”

USA Today noted that several states are just now getting their individual programs off the ground and dispersing the money to qualified applicants. The states have until 2017 to use their allotted funds.”

Ken here. Way way too little, and way way way too late. Don’t be a victim of this. Take the time right here to educate yourself in order to confront fraudulent housing debt.

Start with this. Read: This Article First, click here.

Print This Post Print This Post

Previous post:

Next post: