Foreclosed properties are no good for anyone (except perhaps buyers). Banks lose money, homeowners lose their homes, neighbors and neighborhoods lose value and equity. Many homeowners see their dream of owning a home go up in smoke.
How do we in the Real Estate industry help stop this snowball from tumbling out of control?
The road to foreclosure is long and there are many obstacles in the way. It can take a year or more for a property to go into foreclosure status. These obstacles create opportunities for us to help our clients work out a solution before the foreclosure process is complete.
- Get involved with your clients as soon as you sense trouble.
-Make them aware of options including Short Sale, Loan Modifications, house swapping, bringing in a roommate, renting their house out and moving in with family.
There are many variables looming over the housing market to suggest that recovery (for most areas) is still a way away. The unemployment rate is most often overlooked by the so called "experts". If homeowners don't have jobs, then foreclosure is inevitable. We must all focus on creating jobs with which mortgage loans will be repaid thus slowing the foreclosure rates!
Lobby your Senators and Congressman to encourage the government to focus on creating jobs. They've spent alot of time lately focused on Health Care, Bank Bailouts, Auto Maker bailouts, etc. If we don't do something to turn this housing market around this is what could happen:
This blog's intention is to provide inspirational stories as well as historical accounts and insight into matters concerning the mortgage and real estate markets. These are my opinions and should not be regarded as factual data.