There are currently three-quarters of a million homes in the United States involved in the foreclosure process. This is down from a million homes being foreclosed upon in 2011. Even though the number of homes in foreclosure has declined, there is still a huge inventory of homes being foreclosed upon in the United States.
How Homes Are Foreclosed
The banks foreclosing on the majority of homes in the United States are not necessarily the owners of these mortgages. Many of these financial institutions act as trustees of the mortgages in foreclosures for other banks.
Foreclosing Banks
Bank of America currently services more mortgage loans on single family homes in foreclosure than any other financial institution in the United States. Bank of America is involved with approximately a hundred thousand foreclosures involving mortgage debt greater than twenty-three billion dollars. The majority of the homes in foreclosure are under water. A significant number of the homes in foreclosure were linked to Bank of America’s purchase of Countrywide Financial. It is estimated it has cost Bank of America almost fifty billion dollars to deal with the problems concerning the acquisition of Countrywide Financial Services.
The second and third largest foreclosing banks in the United States are Wells Fargo and JP Morgan Chase. Wells Fargo is involved in foreclosures on approximately 85,000 properties and JP Morgan Chase has foreclosed on approximately 55,000 homes. The majority of the homes in foreclosure by both JP Morgan Chase and Wells Fargo are also under water. Although the housing market is starting to improve, there are still three quarters of a million American families currently being pushed out of their homes!
Elliot S. Schlissel, Esq. and his associates have been representing families throughout the metropolitan New York area for more than 45 years on issues concerning foreclosure, fraudulent mortgages, bad lending practices and other real estate related matters. The law firm offers free consultations to prospective clients.
