Sad State of Affairs - Foreclosures Expected to Rise in 2011

By
Real Estate Broker/Owner with MAINE HOME REALTY Lic# BR916095

 

Sad State of Affairs  – Foreclosures Expected to Rise in 2011

It was reported last week that there were over 1 million foreclosures in the United States last year, and record numbers expected for 2011.

Over 5 million borrowers are at least 2 months behind on their mortgage payments.   This number is expected to grow as folks struggle with job losses and mortgage balances that are greater than the market value of their homes.

One of the loan officers from our local Androscoggin Bank visited our office last Friday and they are anticipating the next round of ARM resets in late spring/early summer to create even more headaches for those borrowers. 

Just before Christmas, I noticed a public notice in the newspaper - - an acquaintance’s home was going up for auction.  I was surprised – as far as I knew, they had lived in that home forever, raising their kids there and operating a number of businesses in town over the years.  I checked the MLS and nothing – they had never tried to sell their home!  They may have tried to work with their lender and they may have gotten legal advice, I don’t know.  But if I were getting behind on my mortgage payments, and my lender wasn’t willing to help me modify my loan, I’d be putting that house for sale to head off a foreclosure.

I am concerned that homeowners, overwhelmed by financial difficulties, getting less-than-expert advice from family or friends, or just embarrassed to talk about their situations, are stressed out and not seeking the best answers about their options.  Many probably feel there are no options and that just isn’t always true.   I don’t ever want to see anyone walk, silently and alone, down the path to foreclosure.

If you are one of the 5 million falling behind on your mortgage payments and you don’t know where to start, please call me.   I can’t give you legal or financial advice, but I can refer you to professionals who can.  If it turns out that your best option is selling your home, I can work with you to accomplish that. 

Caring, Genuine, Personal Service

TERRY DRISCOLL, REALTOR - MID COAST MAINE RESIDENTIAL REAL ESTATE

Cell:  207/449-9696     :    Toll Free:  1-877/277-1010

SEARCH THE MAINE MLS ON MY WEBSITE

ALLEN & SELIG REALTY   .   15 VINE STREET    .   BATH, ME   .   207/443-2200

Posted by

Terry Driscoll, REALTOR, Broker, Owner

MAINE HOME REALTY  .  122 FRONT STREET  .  BATH, ME  04530

207.443.4353     207.449.9696

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