A recent study shows that 1 out of 5 American mortgages is distressed, and 11.5 million homeowners are in danger of losing their homes by the end of the year.
Amherst Securities Group, LP, claims that recent industry data showing a slowdown in default rates is skewed because of a massive push to modify mortgages. Mortgage modification has had very disappointing results, with just under half of the program's participants re-defaulting within 12 months after modification.
Additionally, another study by the Center for Housing Policy of the 100 largest metropolitan areas showed 10 percent of mortgages as seriously delinquent (90-plus days late or in the foreclosure process). In some areas, this percentage was as high as 1 in 4 mortgages.
The numbers are telling ... CDPE-designated agents are becoming increasingly essential in today's market. You are better equipped to offer solutions for both lenders and distressed homeowners - especially short sales - and to help minimize losses for all parties.
Statistically, someone in your database is (or knows someone who is) having trouble paying the mortgage. Reach out to your community today to offer your help!