Reading Seth Godlins recent post about “Waiting to the Last Minute,” worked its way into some of my research today. As I was looking through a list most people would like to avoid, foreclosures, I ran across something somewhat disturbing to me. Over the past few months, I have noticed an unsettling trend as it relates to this process, people are seemigly giving up hope.
Over 80% of recent foreclosure owners in the Northern Middle TN area are not attempting to market their homes in the face of this great loss. I am not sure why this is true other than as things get bad, we tend to make them worse by believing we have no choice but to sit there and watch it all go away. This simply is not true.
Yes, foreclosures are on a rise and people are losing homes they love. Yes, the market resettling in from a time of inflation has caused some folks to end up upside down in their home, especially in the newer subdivisions. These things cannot be denied, but giving up hope is not the answer.
As foreclosure rates rise, banks are scurrying to find ways to help you avoid that process. At a recent seminar, a national mortgage company said that on average, they lose 40% on homes they have to take back. That number is sure to rise in the next year or so as the market settles back in to a comfortable reality. This means that banks will be MORE THAN WILLING to work with people who are going to give it all they have to make it through. That means if you are showing aggressive effort to sell your home, even if the bank has to take a slight loss, they are ready to deal and give you a little extra time to make it work. BUT, if you avoid their phone calls, if you sit in your home and make no effort to try and relieve the pressure, then you are only doing yourself an injustice!
Realtors and Auctioneers are your best friends during this troubling time. If you seek out professional help from one of these two fields, tell them your exact situation (do NOT hide it and hope it works out), and allow them to have discussions with your lender, you are sure to buy yourself some extra time and possibly avoid having a foreclosure on your credit history. This can only help you when you have been able to regain some footing and find your way back into a home!
Don’t give up hope! Instead, show good effort and speak with a professional who can help you through these tough times!
( If you would like a confidential consultation or know someone who could use some help, have them email me at info@PriorityOneNews.com or call me at 615-824-0044)
Comments(1)