Unemployment Benefits are getting ready to run out for many. Some unemployment benefits exhaust just before Christmas and others will see the end of their unemployment checks at the beginning of the New Year.
Many homeowners have been holding on by a thread to make ends meet and keep their homes. This may
be the last straw for many homeowners. The supplemental income from unemployment isn't much yet for some it was barely enough to pay the mortgage and buy groceries. With the end of the unemployment benefits, food and family become more important than the home they struggled to save.
Some homeowners have not thought about mortgage modification but should do so immediately before falling behind in mortgage payments. Others are so underwater (owe more than home is worth) they must sell and their option will be a lender agreed short sale.
Some homeowners will just live in their homes as long as they can and wait for the sheriff to show up with an eviction notice.
The new round of unemployment benefits terminating will create another mound of foreclosures. Look at your personal situation and act before you fall behind, if you can. Seek professional help...don't wait until it is too late and you have no options.
The number of foreclosures is estimated to be between 1.2 -2.2 million homes in the United States. Locally the percentage is going to be dictated by available jobs and the number receiving benefits that will terminate. The impact will not be felt immediately; by the end of the first quarter 2011 the statistics will show a rise in homes for sale. Within the rise will be the foreclosure filings. It is a sad day when a family's future is a statistic instead of a face and name.
We will be able to deduct the predictable rate of foreclosure homes for sale from the actual newly listed homes and get an estimated impact on the local housing market. We'll never really know the impact on the families affected.
For Personal Service, Call: 616-784-2360 Email: GaryWhite@FlexitRealty.com
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