Home Foreclosures Projected to Rise as Government’s “Prevent Foreclosure” Program Falters

While the number of homeowners who will face foreclosure in the future has hit a plateau many housing experts believe, more home foreclosures are on the way. And ironically, one of the big reasons is the government’s prevent foreclosure program, Making Homes Affordable. Here’s why.

The Washington Post article, Foreclosure continue to rise as banks work on backlogs, explains it best, stating:

Foreclosures have been suppressed over the past year by government and industry efforts to keep people in their homes. But those efforts have largely faltered, leaving millions of distressed borrowers facing foreclosure. Now more people are expected to lose their homes as lenders work through a backlog of delinquent borrowers.

We saw this coming, as was discussed back in February in the post, Some Banks are Purposely NOT Foreclosing on Homeowners in Default: Here’s Why.

When Will the Home Foreclosure Crisis Be Over?

Depending on where you ingest your home foreclosure news, experts estimate that we have anywhere between 3 years and nine years before the home foreclosure crisis is over.

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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.