A sobering new report reveals homeowners facing foreclosures in the U.S. aren’t out of the woods just yet — especially low-income minority borrowers.
The Center for Responsible Lending‘s study,?”Lost Ground, 2011“, found more than 2.7 million homeowners given loans between 2004 and 2008 have already lost their homes to foreclosure, which accounts for 6.4 percent of all borrowers at the time.
Another 3.6 million of the borrowers were 60 days or more behind on mortgage payments or on the brink of foreclosure.
“This suggests that, five years into this crisis, we are not even halfway through it,” the Center said.?