Official Admits: “Number of Advertised Foreclosures May Have Little to Do with REAL Number of Defaults”
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As the h0me foreclosure crisis rages on and numbers come out every day saying foreclosures are decreasing, some experts are candidly admitting that there may be some “fuzzy math,” to quote former president Bush, going on.
One accounting exec responding to the latest round of foreclosure statistics for the metro Atlanta (Georgia) area commented:
“I’m honestly not sure the number of advertised foreclosures has anything to do with the real number of defaults,” Bramlett [head of an a numbers crunching firm in Kennesaw, GA] said.
Banks may be holding off on foreclosures for several reasons. Many big lenders are still working their way through legal problems created by the “robo-signing” crisis, where mortgage documentation was incomplete, inaccurate or forged.
This may be the most solid insight into how deep the housing crisis is than any “hard and fast numbers.” With an economy still on very shaky ground, jobs still hard to come by and unemployment benefits being exhausted (along with savings), many Americans are finding it hard to make their mortgage payments.
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And, banks have been more than sluggish when it comes to foreclosing, as we’ve discussed ad nauseam on this blog, ie:
Some Banks are Purposely NOT Foreclosing on Homeowners in Default: Here’s Why
Foreclosure Statistics: 4 Reasons Home Foreclosures are Suddenly Declining
What Does All of This Mean for the Average Joe Homeowner? Decision Time!
He can cross his fingers and hope that he lands a job that will pay him enough to catch up his mortgage;
He can ride out this mess — live rent free and save what little money he does have so when the bank finally does foreclose he at least has a little money to start over; and/or
He can try to work with the bank to get a home loan modification that will allow him to keep his home.
Either way, the time to start making some decisions is now — not later.
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Copyright ©2011 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.