Are you facing home foreclosure? Did you know that banks have to “produce the note” that proves that you owe the debt? This report shows that a whopping 40% of the time, banks have lost the paperwork (eg, the promissory note). And, this can be your best defense for stopping foreclosure.

40% of lenders unable to produce promissory notes that prove homeowners they’re trying to foreclose on indeed owe the debt.

If you know anything about debt collection, one of the first things a creditor must do is prove that you indeed owe the debt. If they can’t prove it, then you can stop the foreclosure process.

A home foreclosure expert in the video says don’t let the lender off easily if they’re trying to foreclose on your proeprty. “Make them produce the note,” he says. In the video, 14 homeowners in Florida were able to prevent foreclosure — at least for the time being — until their lender could produce the note.

Watch this eye-opening, June 23, 2008 CNN report on using this method to prevent foreclosure.

P.S.: Get info on 32 ways to stop foreclosure: Discover what banks won’t tell you & investors don’t want you to know.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Banks have been failing in the U.S. in record numbers since the mortgage crisis hit with full force in 2007. Proof? In the first two months of 2010, over 20 banks have already failed? This puts us on tap to at least match 2009 bank failures, which topped out at 140.

To put this in some kind of perspective, only 25 banks faltered in 2008, which was still a lot, especially when you consider that only 32 banks failed from 2000 through 2007.

While no one likes to hear of banks failing in communities across the country, it can be good news for foreclosure cleaning companies and others who operate real estate service businesses like general contractors, painters, electricians, and plumbers. Why?

To understand fully, it helps to know what happens when a bank fails.

Insight for Foreclosure Cleaning Biz Owners: What Happens When a Bank Fails

When a bank fails, it first falls in the hands of the Federal Deposit Insurance Corporation (the FDIC). Then, they usually go on to be bought or taken over by other banks and/or financial institutions because they have assets and customers who still need to be serviced.  This is, in part, why you see the FDIC seal in every bank. The FDIC protects the assets of every day consumers in case a bank fails.

Who to Target When a Bank Fails to Get Ongoing Foreclosure Cleanup Jobs

Oftentimes, once a failed bank is taken over by the FDIC, they contract with larger property preservation companies to handle the maintenance of the failed bank’s real estate assets (eg, foreclosed homes, foreclosed commercial properties, etc.).

And this is where it gets interesting for you, the small to mid-sized foreclosure cleanup business owner. You see, these large property preservation companies are backlogged. They are taking way too long to service all of the properties assigned to them.

These properties can’t sit vacant/abandoned because the bank that owned them failed. They need to be maintained so that they can be put back on the market to be resold. This means they need inspections, yards cut, shrubs trimmed, winterization, boarding up, lock changes, etc.

When you add to this that every time a bank fails more properties are dumped in larger property preservation companies laps, it’s easy to see why they are so backlogged.

So . . . what do they do? The contract with small to mid-sized foreclosure cleaning companies (like yours!) to help them at least try to keep up.

If you’re one of the lucky ones to be properly set up as a foreclosure clean up business – ie, licensed and insured — you can target those handling failed banks to get work.

Who to Target When a Bank Fails to Get Ongoing Foreclosure Cleanup Jobs

As a foreclosure cleanup business owner, you would contact the REO asset managers within acquiring institutions (ie, the FDIC or whichever institution took over the assets of the failed bank).

While it may take some elbow grease to get through to them, getting an “in” with just one of these companies can provide you with all the foreclosure cleaning jobs you will ever need. So it’s definitely worth it to put in the time it takes.

Partial List of Failed Banks in the First Two Months of 2010

Following is a partial list of the banks that have failed as of March 1, 2010 in the U.S.

Horizon Bank, Bellingham, WA, Jan 8

Town Community Bank & Trust, Antioch, IL, Jan 15

Premier American Bank, Miami, FL, Jan 22

Charter Bank, Santa Fe, NM, Jan 22,

First National Bank of Georgia, Carrolton, GA, Jan 29

1^st American State Bank of Minnesota, Hancock, MN, Feb 5

The La Coste National Bank, La Coste, TX, Feb 19

George Washington Savings Bank, Orland Park, IL, Feb 19

Carson River Community Bank, Carson City, NV, Feb 19

Rainier Pacific Bank, Tacoma, WA, Feb 26

Full List of Failed Banks

To see the full list of failed banks, visit the FDIC’s failed bank list. This is good information to know as a foreclosure cleanup business owner.

According to the BusinessWeek.com article, Obama May Prohibit Home-Loan Foreclosures Without HAMP Review, the Obama consideration has put forth a proposal to stop lenders from foreclosing on homeowners — at least until they have been screened and rejected by the government’s HAMP program.

The article states:

The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed . . .

Prevent Foreclosure: What is HAMP?

HAMP is the administration’s Home Affordable Modification Program. The program is available for home loans that were taken out prior to January 1, 2009. It will expire on December 31, 2012.

Find out if you are eligible for a home loan modification or refinancing via HAMP.

Make Money in Home Foreclosures

Learn how to register with your local housing authority to get foreclosure cleaning jobs (and other RE services related work, eg, painting work, plumbing jobs, general contracting work, lawn maintenance contracts, etc.).

Prevent Foreclosure Advice: What Is a Forensic Loan Audit

In basic, layman’s terms, a forensic loan audit is simply an examination of all the documents you signed when you got your home loan to see if they comply/complied with lending laws.

The legality surrounding forensic loan audits stem from the 1968 Truth in Lending Act (the TILA). This law is also known as the Consumer Credit Protection Act. Its purpose is to:

. . . promote the informed use of consumer credit, by requiring disclosures about its terms, cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

As it relates to home loans, it short, it lays out the rights of homeowners when they take out a mortgage.

How a Forensic Loan Audit Can Help You Prevent Foreclosure

And, here’s how/why it can help you.

You see, every detail of your home loan (your mortgage) must be disclosed, explained and disseminated when you take out the loan. But really, who takes the time to read all of that info? Practically no one. That’s why the loan officer explains every piece of paper you sign at your closing. They’ll give you a brief explain, say something like, “Understand? Have any questions?”

And when you say, “Yes, I understand and no I don’t have any questions,” they say, “Sign here.”

During the last housing boom (late 90s to about 2005), many lenders took so many shortcuts that some lending laws might have been violated. Remember all the of the “exotic home loans,” like zero percent down with a credit score of only 580?

These days you can’t get a zero percent down home loan with perfect credit! Most of these types of home loans have disappeared.

This just underscores how crazy some of the home loans were during the last housing boom. I know, I was a mortgage consultant for a time during this period. Banks, lenders and mortgage brokers played “loosy goosy” with federally mandated compliance guidelines (ie, the stipulations of the Truth in Lending Act) during this time.

During a forensic loan audit, if you find violations, this can be used as a bargaining chip with your lender when trying to prevent foreclosure.

When you undergo a forensic loan audit, all of the documents you were presented with and signed at your closing will be reviewed – with a fine-tooth comb. Some things that will be looked at is whether or not you signed the right documents, the mathematical calculations of the interest on your home loan; the actual loan terms; etc.

If you have this done by a professional (eg, an attorney), they will present you with a detailed report of the findings.

While some who perform loan audits will tout that mortgages have been completely wiped out because of violation of the TLA terms, this is rare.

How Much Do Forensic Loan Audits Cost?

Rates vary if you hire someone to do a forensic loan audit for you. They can be from a low of $500 on up to a few thousand.

Beware of Home Foreclosure Scams

There are a lot of home foreclosure scams out there. And, this can be one of them. If you decide to have a forensic loan audit done, do your research. Don’t be pressured into it and whatever you do, don’t hand money over to someone unless and until you have thoroughly checked them out and you get something in writing.

Make sure they’re a legitimate firm. Compare firms; don’t just go with the first one to contact you through the mail.

Read more on how to avoid home foreclosure scams.

If you’re trying to prevent foreclosure via a home loan modification, a forensic loan audit can be a great place to start because it gives you leverage when it comes time to negotiating with your lender.

Make Money in the Home Foreclosure Market

Learn how to register with your local housing authority to get foreclosure cleaning jobs (and other RE services related work, eg, painting work, plumbing jobs, general contracting work, lawn maintenance contracts, etc.). Read the story of how one janitorial cleaning service grew revenues from $225,000 to over $10 million — all because of government contracts. So, sign up and get on the road to landing lucrative government contracts from local and federal agencies today.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Some homeowners facing foreclosure are getting frustrated and taking matters into their own hands.

An Ohio man recently did just that, bulldozing his own home, which was valued at $350,000 — and that he only owed $160,000 on. He said he told the bank that was foreclosing on him, “I’ll tear it down before I let you take it.” And he stayed true to his word, levelling the home to a pile of rubble.

Read the entire saga in the article, Frustrated Owner Bulldozes Home Ahead Of Foreclosure.

Stop Foreclosure: Learn the #1 secret your lender won’t tell you that can prevent foreclosure.

P.S.: Read how one foreclosure cleaning business owner makes up to $40,000/wk.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

While the economy is sputtering its way to recovery if recent statistics on unemployment are anything to go by, home foreclosures remain a problem.

Housing and financial experts predict that 4-5 million foreclosed properties have yet to come onto the open market. Why? One reason is, banks are purposely NOT foreclosing on homeowners who are currently in default. Following is why.

Why Banks are NOT Foreclosing on Homeowners in Default & What This Means for You

By holding off on foreclosure, lenders allow home prices to recover to some degree. But it’s a “faux housing recovery” — at best. Lenders do this because so many homeowners are underwater. They lose when this happens because it’s more likely that a struggling homeowner will walk away from the property (ie, do the jingle mail walk). Or, they may do a short sale or file for bankruptcy. All of this hurts a lender’s bottom line.

BUT, home prices can’t recover if there’s a glut of inventory (ie, lots of foreclosed homes) on the market. It’s a classic case of supply and demand. After all, everybody wants a deal — and the more inventory there is, the less demand (or incentive) there is to pay a premium price. Once supplies dry up, then the pendulum swings back in the lender’s favor. Consider this.

Currently, there are an estimated 7.7 million homes whose mortgages are in delinquency, but are not being reported as REO (Bank Owned) properties on the market yet. Depending on who you ask, an estimated 4-5 million of these will be bank owned properties for sale within the next year.The reason for the current new wave of foreclosures is largely attributed to the failure of the Government’s “Making Home Affordable” program, launched a year ago this week. [Source: LoanSafe.org]

The bottom line is, a lot of homeowners may be coasting along thinking that they’re ok and that their lender will work with them to refinance or modify their home loan. The cynical part of me says, “Not so.” They’re just waiting for the market to recover and then more homeowners will be foreclosed on.

Prevent Foreclosure Advice

Get your financial act together as soon as possible and try to refinance or get a home loan modification beause once the market starts to recover, lenders will be much less likely to work with struggling homeowners.

Make Money in the Home Foreclosure Market

Learn how to register with your local housing authority to get foreclosure cleaning jobs (and other RE services related work, eg, painting work, plumbing jobs, general contracting work, lawn maintenance contracts, etc.).

Read the story of how one janitorial cleaning service grew it’s business from $225 to over $10 million — all because of government contracts. So, sign up and get on the road to landing lucrative government contracts from local and federal agencies today.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

According to the Financial Times article, US home loan foreclosures reach record high, some 15% of American homeowners are either in foreclosure or late on their mortgage as of the 4th quarter of last year.

This is in spite of the help the Obama administration has put forth to stem the tide of home foreclosures, ie, some $700 billion in TARP funds. Of this, the article states:

The funds, which will come from the $700bn Troubled Asset Relief Programme (Tarp), will be directed into programmes to help people struggling to pay their mortgages, such as the unemployed or those in negative equity (emphasis added).

The bolded portion of the last statement highlights the continuing problem; the reason home foreclosures are still at record highs.

American and Home Foreclosure: Why It’ll Probably Get Worse Before It Gets Better

Until the economy recovers, which means putting Americans back to work, home foreclosures may continue to rise. Numbers seem to be heading in the right direction. Unemployment recently dropped from a double-digit 10% to 9.7%. Slow progress, but progress nonetheless.

What Americans Need to Prevent Foreclosure

But, the problem many homeowners facing foreclosure have is that they need jobs — and they need them now.

You see, when you don’t have a job and have run out of savings, you start to fall behind in paying your bills. You may even have to start using credit cards to pay for the basics. This creates even more debt — right at the time you can least afford it because as anyone who’s ever been in debt will tell you, it’s a lot harder digging out than getting in – even when you start working. It can take months or longer to get on solid footing again.

But the thing that makes America great is that we always bounce back. And that’s what many homeowners facing foreclosure and other financial problems need to hold on to.

Learn the #1 secret your lender won’t tell you that can prevent foreclosure.

P.S.: Read how one foreclosure cleaning business owner makes up to $40,000/wk.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

According to an article in the The Spokesman-Review, a Washington-area newspaper, three weeks before the Winter Olympics started in Vancouver, lenders of an area ski resort foreclosed on the property. As the journalist notes:

If you are going to schedule a foreclosure sale, you might as well do it when the world is coming to your door.

Reading between the lines, it’s impossible not to wonder if they lender would have gone this route had the Olympics not been in town.

Foreclosure for the Big Guys; A Boon to Area Residents (the Little Guys)

In an ironic twist of fate, it seems that at least this once, the little guys are making out like bandits. According to the article, homeonwers inthe are are renting their properites for up to $2,500 per night. And, get this — it’s tax free income for U.S. residents who may have purchased and are now renting out their homes. How/why? It’s explained this way:

According to the IRS, owners can pocket any fair-market rent as long as the term is 15 days or fewer and they don’t claim any of the tax deductions typically allowed on rental property, such as for depreciation or maintenance.

Sweet!

Read the entire article, Whistler foreclosure fails to curtail Olympic rental rates.

P.S.: Read how one foreclosure cleaning business owner makes up to $40,000/wk.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

Landlords are a great source of business for real estate and foreclosure cleanup business owners. Why? Because tenants are always moving in and moving out, which means they need the types of services foreclosure cleaning businesses provide (eg, removing left behind furniture and other items; making minor repairs, repainting, changing locks, etc.).

According to the National Multi Housing Council, a national association representing the interest of apartment firms, the index measuring vacancies and rent levels rose in the fourth quarter of 2009. But vacancy rates in apartments recently hit 8%, the highest it’s been in 30 years. So what gives?

Any Rental Activity is Good Activity for Foreclosure Cleaning Businesses

The bottom line is, no matter what the state of the rental market is, activity in this market means income for real estate services and foreclosure cleaning businesses.

The Difference between Real Estate Cleanup and Foreclosure Cleanup

Right here we want to take the time to point out that there is absolutely no practical difference between a real estate services company and a foreclosure cleaning company. The only difference is in how you market the business.

Knowing this is extremely important because when the foreclosure crisis no longer tops the news, just know that you will still have a very viable, lucrative small business – if you market it right. Remember, as long as real estate is bought, sold and rented, there will be a need for it to be cleared out, cleaned up, repaired and maintained. In short, all of the services that your foreclosure cleaning company provides.

Now that you know why it’s a good idea to target landlords, let’s examine the services your foreclosure cleaning firm can offer them.

Foreclosure Clean Up Business Owners: Services You Should Offer Landlords

Following are the most needed services your company can offer to landlords. If you’re just starting out, you can build on these as you grow.

Cleaning: Cleaning after tenants move in and move out, eg, cleaning bathrooms, kitchen and all major appliances; floor care (replacing vinyl tiles, cleaning/repairing wood floors, shampoo and vacuuming carpet, etc.).

Trashout and/or debris removal and hauling: Disposing of any furniture, clothing and other items left behind.

Locksmithing: Changing locks on all doors after old tenant moves out.

Minor Repairs: Eg, repairing broken windows, cabinets and doors.

Lawn Maintenance: Cutting grass, trimming shrubs and overgrown trees, etc.

Foreclosure Cleaning Business Owners: How to Locate Landlords in Your Area

Using the internet, it’s relatively easy to find landlords – no matter where you are. Because most real estate transactions are public records, all it takes is a little digging. Following are a few ways to locate landlords in your area.

Landlord Forums and Chatrooms

There are tons of landlord forums and chatrooms online that cater to this niche. This is because most landlords are small real estate investors, eg, they may own three, four or five properties. To find them, go to your favorite search engine, eg, Google/Yahoo! and type in phrases like “your city, landlords”, eg:

Phoenix, AZ landlords

Phoenix, AZ real estate investors

Phoenix, AZ landlord groups

Phoenix, AZ real estate investment meetings

Phoenix, AZ real estate investment groups

Once the listings start popping up, start doing some reading. Many of these boards are very active. Did through them and find your geographic area. Once there, network by answering questions when you can, always being sure to leave the name and contact information of your foreclosure cleaning company.

Note: Most of these forums and chat rooms won’t allow you to blatantly advertise on the site. So you won’t be able to just pop in and leave an advertisement and move on. That’s why you should answer any questions you can (or ask some). This allows you to put your contact information there legitimately.

Many forums and chatrooms will ban you if you just blatantly use the space to advertise, so don’t do it. It’s an excellent source to get business for your foreclosure cleanup company; don’t ruin it by running afoul of site guidelines.

How to Find and Market to Property Management Companies

Landlords who have many properties usually contract with property management companies to handle their properties. Property management companies do everything from running credit on prospective tenants to property repairs and maintenance to collecting rent to handling evictions to exterior care and security.

Think handle every possible facet of rental properties, which make them an excellent prospect to market to if you’re a foreclosure cleaning business. Why? Because the subcontract a lot of the work out. So contact those in your area to offer your foreclosure and real estate cleaning services.

Find them the same method outlined above for finding landlords. In fact, in your search for landlords, you’re probably going to run across some property management/property preservation companies – and vice versa.

Foreclosure Cleanup & Evictions: How to Partner with Landlords in This Scenario

Landlords need the services of foreclosure cleanup/real estate cleanup, particularly when it comes to evictions because items left behind have to be hauled away, repairs need to be made, etc. You can position your foreclosure cleanup company to work with landlords in the case of evictions in a couple of ways:

1) The Sheriff’s Office: you can choose to work with the sheriff’s office to remove items from a home after a landlord has gone through a formal eviction process; or,

2) Post Eviction Cleanup: you can decide to instead focus on post-eviction cleanup, which means you will work with the landlord in getting the property in rental shape after the legalities of the eviction are completely over.

Why You Should Proceed with Caution When Working Eviction Situations

Whether you decide to work evictions through the Sheriff’s office, or through a landlord, be sure that the eviction process is over and that the landlord has a legal right to remove stuff from the premises. Why? Because you could find yourself part of a lawsuit if you’re not careful.

Sure, the landlord owns the property, but tenants have rights and if they are violated, not only can the tenant sue the landlord they can sue you and/or your company too if you “assisted” the landlord in any way in violating their rights – even if you were an innocent participant in the process.

If you’re not sure about an eviction situation, or your gut is just telling you that something’s not right, ask the landlord for proof of the eviction. In fact, this should be your company policy in these situations to protect the viability of your, your employees and your company.

The Landlord’s “Tenant” May Be Your Next Foreclosure Cleanup Client

Ironically, your business’ foreclosure cleanup arm may very well find its next client in the landlord’s apartment or rental home. Why? Because the tenants are moving, right?

They have to go somewhere and they have to have their belongings moved. Who better than you?

According to a recent article in the Wall Street Journal, many owners of apartment complexes are actively marketing to previous homeowners who lost their home to foreclosure, or were affected by foreclosure in some way. For example, the article cited Camden Property Trust, a leasing company that owns 62,903 rental units in the Las Vegas area, as buying mailing lists and marketing to owners who are about to lose their home in foreclosure.

This is proving to be a successful marketing tactic for many landlords and property management companies. Hence, don’t be surprised if you’re hired for cleanup jobs from the landlord’s new tenant.

Some of these tenants ultimately avoid foreclosure by getting paid incentives from their mortgage companies to move out early and leave the home in good shape. What does this mean for you? That they the “moving cash” they need to pay companies like yours.  

Working with Landlords Can Be Evergreen!

Establishing a relationship with even a few landlords can keep your foreclosure cleaning company very busy. Mainly because if they like and trust your work, they’ll call on you over and over again. They’ll also recommend you to others. Finally, you can market directly to the tenants yourself.

As one Atlanta real estate investor (and landlord) said, “Reliability in this industry is key. Once you find any type of contractor in the real estate services industry you can count on, trust me, you keep their number handy because so many of them are unreliable.”

So, make that your marketing slogan, eg, “We show up on time, every time. You never have to worry!” And do it. Your phone will be ringing off the hook.

The bottom line is that landlords – whether they own just a few properties, or are large ones who have their properties handled by property management and preservation companies – can be a lucrative source of evergreen business for your foreclosure cleaning company. So, make yourself known to them.

P.S.: Read how one foreclosure cleaning business owner makes up to $40,000/wk.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

According to the MSN.com article, New wave of foreclosures coming, the government’s efforts to help citizens obtain a piece of the American dream – home ownership — may in fact be doing the opposite (pushing more into foreclosure). How?

Via the Federal Housing Administration (FHA), the government has given home loans to buyers that traditional banks wouldn’t touch with a ten foot pole. With tightening credit markets and the foreclosure crisis still raging, many banks have abandoned zero percent down loans, and/or giving home loans to those with less than perfect credit.

But, the FHA hasn’t. They back loans to those with less than stellar credit, and require less of a down payment (eg, 3.5%). Traditional lenders in today’s market, by comparison, may require a 20% down payment.

And, critics argue, actions like this by the FHA is what has been artificially propped up the housing market for the last year or so.

Now, the fallout is already starting. Proof?

About 9% of FHA borrowers have missed at least three payments (up from 6.5% a year ago), and experts say that means a new wave of home foreclosures is coming.

By using lower home loan qualification standards, the types of buyers being put into homes back by the FHA are much more likely to default. And, if this sounds familiar, you’re probably right.

This kind of lending* by the FHA (similar to subprime mortgage) is what got us into this mess in the first place. But apparently we didn’t learn our lesson (or at least the government didn’t). According to the Washington Post article, Rising FHA default rate foreshadows a crush of foreclosures:

The problems are rooted in FHA mortgages made in 2007 and 2008. Those loans are now maturing into their worst years because failures most often occur two to three years after a mortgage is made.

So we’re just at the beginning of the home foreclosures to come, if this holds true (and data suggests that it does).

Finally though, the message may be sinking in as the FHA has tightened its lending guidelines, pushing the down payment requirement up to 10% from 3.5, and limiting the amount that sellers can kick in. As one journalist noted, it means those wanting to purchase a home now have to put “some skin in the game.” This makes it harder to walk away when things get tough.

And, this makes perfect sense. After all, if you didn’t come to the table with any money (or very little), you’re much more likely to walk away. But, if you had to save $15,000 for a 10% down payment — and it took you three or four years to do so — and you have to come up with another $2,000 or so for closing costs, then you’re much less likely to let your home go into foreclosure.

The memories of the overtime you worked, the second job you took on and the time you sacrificed away from family and friends will give you the kick in the pants you need to do “whatever it takes” to prevent foreclosure.

While it looks like we are stuck in this home foreclosure crisis for a few more years to come it looks like we, the American public, are finally learning our lessons — and so is our government. One day, hopefully, the home foreclosure crisis will be a history lesson future generations can learn from. But for now, we struggle on through it.

*Note: The FHA is not a lender, but it insures lenders when mortgages go sour.

Get full details on why more home foreclosures are on the way.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.