Thinking back on when the foreclosure crisis first started, it was about the attack on the renters (a target for sure). Sure there was a focus on the "move up" homeowners, but more so on those that were renters. This is really when the First Time Homeowners received so much attention. The big question to that audience was - Buy now why rent?
I was just reading a post that I thought I'd mention right here, because this is unfortunately the way most agents are feeling:
The statement above is really about renters looking for a rental, but in the same breathe remember that so many ex-homeowners are going to become renters and need help. The big underlined question is "Who are they going to call?"
So many renters took a few minutes to think about this and jump right on it (those that were able to). And remember now.. getting a loan was almost as easy as baking a cake from the box - and to some easier! There was that unlined promise that "Aw don't worry about the high monthly payment ... we can split that into 3 options for you (we call that pick-a-pay) .... thinking back - doesn't that sound like something you get at the check cashing place? But back then it sounded like a plan!! And thus those same renters - were not longer renting... they were homeowners (started heavily back in 2004)
Then the foreclosure crisis hit like a lead balloon! So many terms .... the bottom started to sink (like a big sink hole). and wham the renters were caught right in the middle of confusion (of a crisis) and it wasn't mid-life crisis - it was foreclosure crisis - because it was you can save your home if you ask your lender for help. Well most of us and a huge number of those ex-renters know how that went! Bellly down on lenders helping out - because they didn't know what they were doing either and found themselves advising those same folks that were renters a little while ago that ... they must let their mortgage go to default in order to get help. And so many of them had not learned not to listen to the ill advisors and did just that.
Now those same (renters) turned homeowners followed the ill advise and figured out what their hardship was and went right into default. (this is not to say some did not obvious hardships without help of their imagination because so many did)... but stay with me - I am talking about the ex-renters that turned homeowners and still had no idea what or who to listen to.
Then it became very obvious... default was not a pretty place to be and that while it was not lonely down there - it was confusing and it was a character with a drowing personality that was called Pre-Foreclosure!
Now that some homeowners about to turn into ex-homeowners was still hanging on to the hope that their lenders were there to help them "save their home" and continue to follow the deception and used up most of their 90 days (NOD - Preforeclose time) on balling up in a knot and hoping it would all go away.
Until one day someone knocks on their door with a special knock - the knock of knowledge and talks them right out of that knotted ball and educate them on what their options were and how they had to move quick to avoid foreclosure (which by now everybody knows is a real bad 11 letter word)! That word was replaced with short sale (a nicer 9 letter word). Oh did I tell you that the person that knocked on the door was a short sale specialist (meaning they have knowledged and experience with working through the short sale process).
Please note; This is really not a made up story! Just ask millions of renters turned homeowners, turned ex-homeowners.