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So, What If YOU Are 1 of the 37%? Now What?

By
Real Estate Appraiser with PahRoo Appraisal & Consultancy

Reflecting on the statistics that were previously presented....So what if you are one of the 37%? 

 

Based on the recent data indicating that 37% of delinquent owners have not made a payment in 2 years and 34% of delinquent owners have not made a payment in the past 1 year or more, the substantial increase from 6% in 2009 provides some brief indication of how massive this mortgage payment delinquency issue really is. 

Not to mention that it is extremely troubling. 

mortgage delinquency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

So, if you are one of the 37%, then you should prepare to be living elsewhere sometime soon because the national average for foreclosure in judicial states is approximately 1.5 years. 

Additionally, if you are in this situation, you should seriously consider, if you haven't already, hiring a great Realtor who specializes in Short Sales to help you avoid a foreclosure.  Even a short sale is better than a foreclosure in the long run, but your credit is already banged up, so why not?!

And, by taking action to end your mortgage payment delinquency, you are taking one step towards contributing to a future housing recovery. 

In summary, if you are one of the 37%, pitch in and give the housing recovery a hand by ending your holdout.

Michael Hobbs, PahRoo Appraisal & Consultancy

Comments (2)

Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

Most people I come across are having their foreclosure dates set more quickly these days...

Aug 31, 2011 03:51 PM
Michael Hobbs
PahRoo Appraisal & Consultancy - Chicago, IL
SRA, LEED GA, RAA

Liz, it will be interesting to see if those auctions happen as quickly as the dates being set.  The sooner we get through this the better.

Sep 07, 2011 03:09 PM