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More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.
Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.
"That would be unprecedented," said Rick Sharga, a senior vice president at RealtyTrac.
By comparison, lenders have historically taken
Originally posted by ~Lucidity
reply to post by thisguyrighthere
That's insane. What reasons are they giving?
Originally posted by DerekJR321
Did people borrow beyond their means? Sure they did.
pretty serious encouragement from the very lenders
Originally posted by thisguyrighthere
First they claim things like FHA and the state version wont cover whatever the property is. Then when I hand them the RSA's stating clearly the properties are in fact covered and qualify they tell me that even though they qualify their financial backer wont approve the loan.
So I get lies. Then I get "because we said so."
The phrase I've been hearing is "an acceptable borrower may not qualify on an unacceptable property" or something like that.
So far no property has been "acceptable." I even asked for a list of "acceptable properties" and the lenders said that was the realtors job. The realtor said only the lender can determine what will be "acceptable."