The mortgage crisis of 2008 through 2012 (this happens every 15 to 20 years)
Statistics from 2005: Foreclosures, which are a major indicator of the health of the housing market, can rapidly increase, causing harm to families and communities. When compared to any other comparable indicator, such as gains in property ownership, the number of mortgage loans issued, or even the ratio of foreclosures per mortgage, the rate and quantity of foreclosures might escalate at an alarming rate. Home ownership has increased by only 3.6 percent in the last two decades, but foreclosures have increased by 335.6 percent. The sub-prime (hard money) mortgage market is directly to blame for the huge spike in foreclosures (which means greedy lenders and realtors who know for certain the borrower cannot afford the home). As of the third quarter of 2003, 6.6 percent of sub-prime mortgage loans were in default, or about one out of every 15 loans. This is in stark contrast to the prime lending rate, which was 53 percent for the same time period. Joint Center for Housing Studies, page 12 (March 2004).
The unfortunate reality is that few borrowers are aware of the risks around borrowing money, purchasing a property, or using credit cards.
Instead, they trust the word of those who profit from their ignorance – realtors, brokers, lenders, and credit card firms. Their inability to comprehend these difficulties is leading to foreclosure, wage garnishment, and bankruptcy.
By Site Producer|Published On: August 11th, 2022|Last Updated: August 23rd, 2022|
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
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5 / 5
“You folks are the BEST OF THE BEST in Arizona.” M.H.
You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
5 / 5
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I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.
5 / 5
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Filing for bankruptcy can be a stressful life event, and selecting the right attorney can add to this stress. Diane and Jay were a pleasure to work with, and it is obvious that they are passionate about helping people get their life back on track. I would highly recommend them if you need a bankruptcy attorney.
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