Majority of Foreclosed Pennsylvania Homeowners Lost Jobs

August 4, 2010 No Comments »

help

Fifty-seven percent of the 500 Pennsylvania homeowners surveyed by the Pennsylvania Association of Realtors said they experienced job loss in the 12 months leading up foreclosure.

Another 47 percent said they had experienced an unexpected medical bill, while 36 percent said they had other unexpected bills.

Nearly half (41 percent) of those surveyed had prime, fixed-rate loans, while just eight percent had subprime, adjustable-rate mortgages.

Additionally, 71 percent said they had lived in their homes for more than five years when the foreclosure process began.

The findings call into the question the assertion that the majority of those in foreclosure were unqualified borrowers in over their heads.

Of course, it’s unclear if the data takes into account those that subsequently refinanced (once, maybe twice) after purchasing their homes.

And more than a quarter of respondents didn’t even know what type of mortgage they had, which could also have been part of the problem.

Interestingly, nearly 60 percent of homeowners surveyed had never heard of the Making Home Affordable program, and only about four percent said it helped them.

Roughly 91 percent of those surveyed said they attempted to contact their mortgage lender about a foreclosure solution, but 48 percent said they were “not at all” willing to work with them.

foreclosure

Leave A Response