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Do You Know the Severity of the Foreclosure Crisis?
If you have been tuned in with the news recently, you may think you are aware of what is really
happening with regard to home foreclosures. But you may be in for a surprise, especially if you are
a realtor or mortgage lender, anxiously waiting to refinance all of those Home Affordable
Refinance Program (HARP) loans that will allegedly be coming your way in a few weeks.
Whether you think you know what is really happening, or you dont have a clue and would like to
know the truth, this article is for you.
Following are a few statistics from our government about foreclosures in the US.
* An estimated 2.5 million foreclosures were completed from 2007 thru 2009, and an estimated 5.7
million foreclosures are imminent. As a result, a total of 8.2 million homes will eventually be lost to
foreclosure.
* The estimated 8.2 million anticipated foreclosures are based on the number of homeowners who
have either defaulted on their payments, or those who are currently having difficulty making their
payments.
Since these statistics are not consistent with my experience in speaking to hundreds of
homeowners every month, I was compelled to conduct research that has ultimately uncovered the
truth about the foreclosure crises.
I discovered that these government statistics are misleading based on the fact that the
government failed to define currently having difficulty making their payments.
You may be very surprised to know that currently having difficulty making their payments are only
those homeowners who have fallen delinquent on their payments! Not included are the 43% of all
American households currently spending more than they earn each year!
I dont know about you, but logic tells me that if a household is spending more than they make
each year, there will come a time when either savings, pensions, etc. will dry up, or credit cards
will become maxed out. Its simply a matter of time before these households fall delinquent on
payment of their mortgages. (NOTE: The 43% of American households spending more than they
make each year, has increased from 38% in just two years)
For those counting on an increase in income in the near future, government statistics say
otherwise. The U.S. Census Bureau indicates that since 2007, the year before the most recent
recession, real median household income has declined 6.4 percent and it is expected to continue
declining.
While income is declining, debt is increasing.The average credit card debt per household has
increased from $5,000 to more than $14,000 in the past six years.
Assuming this trend of declining income and increasing debt continues, the 43% of American
households currently spending more than they earn each year could be in jeopardy of eventually

2. falling delinquent on payment of their mortgages, which could result in 48 million foreclosures
(43% of 112 million households), as opposed to our government's current estimate of 8.2 million.
That is nearly one half of American households in jeopardy of foreclosure! You would think the
government would consider their statistics above a warning and therefore be motivated to do
everything possible to assist homeowners in saving our homes from foreclosure. Right?
A few weeks ago, President Obama announced a revision to the Home Affordable Refinance
Program (HARP) that would "allow many more struggling borrowers to refinance their mortgages
at today's ultra-low rates, reducing payments for some homeowners . . . Is it fair to ask how many
are in the some homeowners equation?
What would you think if the answer was less than 4%? We were not told that even with the new
guidelines, HARP is incapable, that's NOT capable, of reaching more than four percent of
homeowners. This is about the same as every other program, federal or state, that has allegedly
been made available to distressed homeowners as related to the foreclosure crises.All have cost
taxpayers dearly while helping few people save their homes.
The Making Home Affordable program (HAMP) is a great example of these kinds of programs.
Birthed in February 2009, it cost taxpayers $75 billion.Only one million households (out of 112
million) have qualified for HAMP.But as of July of this year, almost one half of participants had
dropped out of the program.
The obvious question is Why does our government continue to spend their time and taxpayers
money on programs designed to keep so few Americans in their homes? Its a question that we
continue to try to answer.
I welcome your opinion and feedback in answering this question and others relative to the
foreclosure crises during my live call-in broadcast every Thursday at 9 p. m. Eastern Time. You
can listen to it online at www.relieveyourdebt.com.To listen via telephone, dial (347) 884-9324.Use
the same number to call in and voice your perspective and opinion.
Also, I suggest you source the information in this article and get insight into this issue by
accessing the Washington Post article outlining President Obama's recent announcement of
revisions to the Home Affordable Refinance Program.
Doug Johnson has been a consumer advocate and radio commentator for more than 12 years. Go
to the link to tune into the rebroadcast of some of Dougs radio programs about different mortgage
relief programs (relieveyourdebt.com/dougs-live-call-in-show/) he has vetted for consumers who
are facing foreclosure or hear how some have lost their homes to foreclosure.
The link to the Washington Post article is www.washingtonpost.com/business/economy/the-home-
affordable-refinance-program-harp-what-you-need-to-
know/2011/10/24/gIQAXFDUDM_story.html/.
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3. If You Need Help Now, Check This Out.
http://relieveyourdebt.com/
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