Surprising Statistics About Mortgages

1. CRL estimates 8.1 million homes will fall into foreclosure by 2013.
   http://www.responsiblelending.org/mortgage-lending/tools-resources/projected-foreclosures-by-1.html
2. Over the past decade, the FDIC estimated that borrowers lose $25 billion annually from predatory lending practices.
   http://www.fdicoig.gov/reports06/06-011.pdf
3. Homeowners who get credit counseling are 60 percent more likely to avoid foreclosure than those who don’t get it, says a NeighborWorksAmerica report.
   http://www.freddiemac.com/news/blog/dwight_robinson/
4. One in every 10 Americans with a mortgage, or roughly 10 million adults, report being late or missing a mortgage payment in the last year.
   http://www.nfcc.org/consumer_tools/consumertips/consumertips_22.cfm
5. Studies indicate that informed consumers are less likely to get into a predatory situation and make better choices having received face-to-face information.
   http://associationofhousingcounselors.org/
6. Average consumers do not know the difference between a short sale, a deed in lieu, a forebearance or a loan modification, nor should they.
   http://www.nfcc.org/consumer_tools/consumertips/consumertips_22.cfm
7. Homeowners fail to contact their lender because they are embarrassed, don’t believe the lender can help, and/or believe it would cause them to lose their home more quickly.
   http://www.fdic.gov/about/comein/files/foreclosure_statistics.pdf
8. 90% of homeowners say they would feel scared, depressed, angry, or embarrassed if foreclosure were likely to happen to them.
   http://www.fdic.gov/about/comein/files/foreclosure_statistics.pdf
9. Freddie Mac’s Servicing Success Program, including performance scorecards
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10. “Foreclosing Modifications: How Servicer Incentives Discourage Loan Modifications”, Washington Law Review, 2011
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11. “Why Servicers Foreclose when they Should Modify, and other Puzzles of Servicer Behavior”, National Consumer Law Center, 2009
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12. Special Servicing Requires Extra Due Diligence, Mortgage Servicing News, 3/27/13
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13. A UNC study indicates that owners of energy-efficient homes are 32 percent less likely to default.
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