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
    Learn more ..
  10. “Foreclosing Modifications: How Servicer Incentives Discourage Loan Modifications”, Washington Law Review, 2011
    Learn more ..
  11. “Why Servicers Foreclose when they Should Modify, and other Puzzles of Servicer Behavior”, National Consumer Law Center, 2009
    Learn more ..
  12. Special Servicing Requires Extra Due Diligence, Mortgage Servicing News, 3/27/13
    Learn more ..
  13. A UNC study indicates that owners of energy-efficient homes are 32 percent less likely to default.
    Learn more ..

 


Our goal is to help consumers navigate the mortgage world and find Fair and Safe home loans. We are working with nonprofit advocates, foundations, intermediaries and lenders such as credit unions and CDFIs to educate and help consumers better understand their lending options to avoid predatory loans and access affordable Fair and Safe loans available in their communities.
We are here to help.