This is a listing of the ten states with the highest foreclosure rates for July.
As you can see Nevada tops the list with One out of every 115 homes currently under foreclosure.
The second number is the actual number of homes that were foreclosed on in that state.
California with the largest population has a lower ratio but the highest number of people effected.
No matter how you look at these figures when you add to this the fact that a hundred banks are expected to fail by years end and we surpassed the half way point only a third of the way through the year there will be even more people put out of their homes this year.
1 Nevada 1:115 9,930
2 California 1:239 56,193
3 Arizona 1:273 10,098
4 Georgia 1:355 11,461
5 Utah 1:373 2,553
6 Florida 1:396 22,377
7 Michigan 1:417 10,894
8 Idaho 1:417 1,552
9 Illinois 1:498 10,627
10 Wisconsin 1:571 4,534
In addition speculators say that we should expect an additional 20% of homes … not an increase of 20% but .. 20% of homes to fall under foreclosure by years end. This has to do with larger banks being unable to hold on to mortgages.
Bank of America the country’s largest bank just sold their mortgages to Fannie Mae.
If they did not sell them then the bank would have gone under and being the largest bank they would have taken out most of the mortgages in the united states along with all of the deposits.
Keep your eyes open for this expected failure and if you can you should devote as much of your income to paying off your mortgage as fast as you can.
I would strongly suggest that you divert all of your available funds after you set aside enough money to pay for bare minimum living expenses for 6 months.
If you pay off your principle then your loan will drop dramatically.
This means you could actually get your monthly payment so low that it would compare with a car loan. At that point even if your lender will not refinance you can take out a personal loan or even dump your payments on to a credit card for a short period of time.
You have to be very careful about using your credit but if a bank like BOA was to go under you would at least have a home to live in… we are not talking recession we are talking a depression worse then our grandparents or great grandparents saw.
If that was to happen you would want to become sufficient to the best of your abilities and this means you should really think about selling that condo and buying a small home if you can.
In times like this you need to look out for yourself.. eventually things will turn around but times like this mean you have to be more of a boyscout or a survivalist then a suit and tie tv dinner .. night on the town type of person.
If you think you are beyond that and you got a good college education.. well think of it this way.. are you smart enough to take advantage of a situation and come out on the other side with your family in tact and ready to rebuild.. or are you really an air conditioner rat that cheated their way through it all and can’t see what is before them and how to side step it.
Think about it. Who are you that it could not happen to you?
The thousands of people listed above and the millions more who are chronically unemployed thought tomorrow would be the same as yesterday… prepare yourself .. even if it never happens you will still be better off in the end.