This week, Freddie Mac’s CEO, David M. Moffett, told news sources that he is expecting a “potential large wave of foreclosures.”  In a country that was plagued with 2.8 million foreclosures in 2009 (RealtyTrac), this recent news is more than disconcerting. 

Freddie Mac is one of the largest mortgage lenders in the United States.  According to Mr. Moffett, 4 percent of the company’s borrowers are at least three months behind on their loans and may be facing foreclosure in 2010.

Mortgage financier, Freddie Mac, is not the only source predicting that a wave of foreclosures will hit the country in 2010.  Recently, USA Today reported that, “A second wave of foreclosures is poised to hit the market, potentially undermining housing recovery efforts as more homes add to the glut of inventory and drive down prices.”  Moody’s Corporation, a respected company that performs financial analysis and research on government and commercial entities, predicts that there will be at least 2.4 million foreclosures in the year 2010. 

With the expected surge in foreclosures, homeowners who are behind with their mortgage payments need to be prepared or else they could lose their homes, damage their credit and be confronted with tough economical challenges.

Our mortgage professionals know that in this economy, homeowners are at a disadvantage because they are without jobs and cannot afford to pay their home loans.  Each day, we receive calls from people who are on the verge of foreclosure and do not know what to do next.  Our team takes these calls very seriously and works tirelessly to come up with solutions to stop foreclosures. 

When clients are looking for an alternative to foreclosure, we introduce them to our no advance fee loan modification programs.  Our loan modification programs are unique in that we offer a 100% money back guarantee.  Anytime people are dealing with foreclosure, they have little to lose by working with American Economic Solutions.  We are committed to providing reliable services that produce results.