There are all sorts of states that have applied for services from the government’s Making Home Affordable plan. The ten states that have qualified for the service are ones that are great targets for loan modification services. Agencies like 1st Foreclosure Prevention can work to handle loan modifications in states like these.
The greatest concern about some of these states is that they are ones that are dealing with high unemployment rates. These are places where people are having tough times with handling the mortgages. Being unable to earn income as a result of unemployment has made it difficult for some people to be able to pay off their mortgages. This is why foreclosures have been going up in many states.
The problem with these unemployment rates is that there is little sign of them going back down. The ongoing concerns about jobs leaving the country and different industries shrinking have impacted a number of states. This is especially the case in some places that are highly dependent on certain types of industries.
The states that have been approved for the Making Home Affordable plan are places that have some of the highest unemployment rates in the country. The most notable of these states is that of Michigan. According to the United States Department of Labor the unemployment rate in Michigan as of April 2010 was 14%. This is the highest unemployment rate in the country. The concern about the shrinking economy around the state, particularly in the automotive industry, has made it tough for many people to afford their mortgage payments.
Some other states that are being targeted for loan modification services are dealing with high unemployment rates as well. States like California, Nevada, Florida, Ohio and North Carolina are all being targeted in that they have unemployment rates of 10% or greater.
The foreclosure rates in these states have gone up as well. It is estimated that one out of less than forty homes in Nevada has been foreclosed upon in recent years. The number is less than one in a hundred in Arizona and California.
The odds are very good that if a person drove through a neighborhood in one of these states that person might find a home that is vacant due to a foreclosure. A person could easily find sales on foreclosed homes at an auction in one of these states as well. These are difficult things for any state to deal with. This is why loan modification providers are working hard in many of these states that have been greatly impacted.
These are all states that have applied for any have been approved to handle services from the government’s Making Home Affordable plan. They are also states that many loan modification agencies like 1st Foreclosure Prevention are targeted. They are all states that have been impacted heavily by unemployment rates. This is valuable in that unemployment is the main reason as to why so many people are losing their homes or having tough times with paying them off.
Contact : 1st Foreclosure Prevention
[email protected]
Contact No: 302-358-2610
Fax:302-358-2626
http://www.1stforeclosureprevention.com
Address: 3422 Old Capitol Trail, #1371, Wilmington, Delaware 19808
