3.5 Million Foreclosures and Counting...

Since the financial crisis began in September 2008 there have been approximately 3.5 million completed foreclosures across the nation and, as of the end of May, another 1.4 million homes were in the national foreclosure inventory. The inventory, the number of homes in some stage of foreclosure, is down from 1.5 million in May 2011. The current inventory represents 3.4 percent of all homes with a mortgage.

Mark Fleming, chief economist for CoreLogic said that the foreclosures in May brought the 12 month total to 819,000 foreclosures which is an average of 2,440 foreclosed homes a day. "Although the level of completed foreclosures remains high, it is down 27 percent from a peak of 1.1 million in all of 2010," Fleming said.

The states with the highest numbers of completed foreclosures over the 12 months ended in May were California (133,000), Florida (92,000), Michigan (60,000), Texas (58,000), and Georgia (57,000). These five states account for nearly half (400,000) of the completed foreclosures in the entire country during that period.

Though the national foreclosure inventory levels remain steady, around 1.4 million homes, there have been dramatic shifts at the state level," said Anand Nallathambi, president and CEO of CoreLogic. "Nevada, Arizona and Michigan, for example, each experienced at least a 20-percent decline in the foreclosure inventory from a year ago. While foreclosure inventories in most states are declining, the foreclosure inventory is still rising in many judicial states, such as Hawaii, New York and Connecticut."

On a percentage basis the states with the most foreclosures were Florida (11.9 percent), New Jersey (6.6 percent), Illinois (5.3 percent), New York (5.0 percent), and Nevada (4.9 percent). These five states with the most completed foreclosures are also the top states in terms of their foreclosure inventory. Four of the five states, Nevada being the exception, use primarily a judicial foreclosure process which has been blamed for much of the backlog of loans that are severely delinquent but not yet foreclosed.

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The Facts On Reverse Mortgages

Reverse mortgages (sometimes referred to as "home equity conversion loans") give older homeowners the ability to use their equity without selling their home. The lending institution gives you money based on your home equity amount; you get a lump sum, a monthly payment or a line of credit.

Paying back your loan is not necessary until the time the you put your home up for sale, move (such as into a care facility) or passes-on.

You or the representative of your estate must repay the reverse mortgage funds, interest accrued, and other finance charges at the time your house is sold, or you are no longer living in it.


Are You Eligible?

Generally, reverse mortgages are offered to borrowers at least 62 years of age, who have a small or zero balance owed against the home and use the home as their primary residence.

Many homeowners who are on a fixed income and find themselves needing additional money discover that reverse mortgages are very advantageous for their situation.

Interest rates may be fixed or adjustable and the money is non-taxable and does not affect Social Security or Medicare benefits. The house is never in danger of being taken away from you by the lender or put up for sale without your consent if you live longer than the loan term - even if the current property value creeps under the balance of the loan.

Just a few facts on reverse mortgages. 

Always Get The Facts, Audit Your Loan and Protect Your Rights!

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Mortgage Loan Compliance | The Forensic Loan Audit Company

Proven Results That Work - Get The Facts, Audit Your Loan, Sue Your Lender and Protect Your Rights!

Call Today 1-866-966-6615 or Visit http://www.ml-compliance.com/