The Worst Housing Depression Ever Is Just Beginning.

The US is officially experiencing the worst house housing depression ever and the second phase is just beginning. It is expected to peak beginning July of this year, continuing through the first half of next year.

Let these statistics sink in for a minute:
• 3 million homes were repossessed between January 2007 and August 2010 • Over 1 million families will be evicted from their homes in 2011
• 72% of the major cities in the US had more foreclosures in 2010 than 2009 • 8 million Americans are at least 1 month behind on their mortgages • 5 million are at least 2 months behind on their mortgages

The Mississippi counties with highest volume of new foreclosures are (starting with highest) Harrison County, Hinds County, De Soto County, Rankin County, Jackson County, Forrest County, Lee County, Pearl River County, Marshall County, and Madison County.

The volume of people that have been injured by mortgage fraud, predatory lending practices, and mortgage modification schemes is almost unimaginable. At the same time laws are changing and require new strategies for litigation.

Mortgage companies seem determined to take homes by refusing payments, denying modifications or worse promising homeowners a modification while at the same time processing foreclosures, increasing payments, adding fees, and continually threatening foreclosure.

I’m seeing success in my practice by fighting mortgage companies and disputing their mortgage proofs of claim, their documentation practices, application of funds and fees, and many other items. See my prior blog discussion regarding the sloppy record keeping practices of mortgage servicers.

The 14 largest US mortgage servicers have recently agreed to review all foreclosed loans from 2009-2010 and pay back losses in cases that were mishandled – but we don’t know how the reviews will work, (if they work at all) and what types of “losses” will lead to payments for homeowners.

I can’t express enough the seriousness of the housing situation in Mississippi and the importance of addressing issues with your mortgage company before foreclosure. Call Coxwell & Associates immediately if you are having any problems whatsoever with your mortgage company.

Disclaimer: This blog is intended as general information purposes only, and is not a substitute for legal advice. Anyone with a legal problem should consult a lawyer immediately.

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