The foreclosure crisis is far from over if you review the data. Unemployment and failed loan modifications are putting the housing market at greater risk. To put the situation in perspective 1 in 387 American homes received foreclosure notices during 2010. That is no small number and with the end of unemployment benefits for many Americans there may be a spike in foreclosures during the second quarter of 2011.
During March of this year, the amount of foreclosure filings totaled 239,745, according to statistics released today from RealtyTrac. This is a 7% increase compared to February, when there were 225,101 filings.
All the statistics can be reviewed and analyzed; however, in the end it means that homeowners need serious help. The online mortgage assistance website HomeRecovery.org is adding extended hours to help homeowners get matched to the right mortgage assistance program.
HomeRecovery.org helps around 2000 homeowners weekly get placed with the right program. HomeRecovery.org has seen a spike in complaints from homeowners struggling to get help directly with their lender.
Below are the top 5 complaints from homeowners struggling to get help from their lender.
1. Paperwork being misplaced and I need to resend it.
2. My lender will not accept my money and is going to sell my house.
3. I was denied a loan modification with my lender.
4. I can not afford my mortgage & my lender will not refinance my loan.
5. My lender says I make too much money & can not help me.
The choice to extend hours will allow HomeRecovery.org to answer questions and help homeowners find a solution to their unique problem. By extending hours HomeRecovery.org hopes to get more homeowners approved for a loan modification.