In the United States, a Bank Repossession of a home is the last part of the foreclosure procedure that usually involves three foreclosure notices. This is typically the stage at which a struggling homeowner is forced onto the street. When the media reports on a certain amount of foreclosure cases in a particular month, this figure includes cases that are in any of the three stages of the foreclosure process.

A reputable source of information on foreclosures in America that is found in the public domain takes the form of RealtyTrac. RealtyTrac collects and organizes data on foreclosure filings that occur at a local level throughout the country. Detailed reports on foreclosures are released by them at a fee, although it does release limited amounts of information at no cost which are provided to various media outlets.

Foreclosure Statistics so Far

There are at this time no governmental agencies that report on the massive extent of damage suffered by the housing market as a result of the questionable tactics employed on the part of Fannie and Freddie, along with Wall Street. Since the beginning of 2005, an alarming 3.7 million families have been forced onto the street. Considering an average of 2.3 people per family, that translates into approximately 8.5 million Americans who have lost their homes. It will indeed take some years yet for the full impact of the greed and corruption that has severely damaged the housing market to be fully witnessed and comprehended.

Foreclosure Numbers Expected to Rise - Based on independent research of RealtyTrac figures, it has been estimated that as many as six million households will suffer the loss of their homes before the worst of the housing crisis has come and gone. It's nearly impossible to understand the awful level of personal tragedy represented by these kinds of statistics if one has not been personally affected by it.

Due to the backlogs present in foreclosure procedures and the delays involved in the filing process (it took an average of 150 days to resolve one foreclosure case in 2007), we can be certain that comprehensive foreclosure figures are sure to rise in the few years that lie ahead.

Loan modification process

The loan modification process, if undertaken responsibly and with an informed approach, is able to provide families with real hope in their efforts to hold on to homes that are precious to them for many valid and understandable reasons. If only there was a way to ensure that people had access to truthful information and expert guidance as they explore the loan modification process.

Some of the things that a loan modification applicant should be aware of is whether or not they are pre-qualified financially, and how best to prepare their loan modification package. We do not provide advice as to whether or not pursuing loan modification represents the best course of action in a specific situation. We view our role as informing prospective applicants of the possible outcomes if they are intent on heading down that path. Knowing your potential qualification chances is critical, and since banks opt to keep that secret, we are committed to making that knowledge available to you. This empowers you. You have a right to know where you stand from the get go.

For more information on how to best qualify for a loan modification, please visit http://www.mycaal.com