THE FORECLOSURE BLOOD BATH IS NOT OVER BUT THERE MAY BE HOPE!

By
Real Estate Agent with Coldwell Banker Resort Realty, Sandpoint, Idaho SP37235

We will see a new round of foreclosures by Spring of 2009 as option ARMS get recast and monthly mortgage payments skyrocket. With the continued devaluation of real estate, millions of additional homeowners will find themselves upside down. In many cases, their only option will be to walk away from their "so-called" investment.

THERE MAY BE HOPE, HOWEVER. There is a group in Minneapolis who have taken it upon themselves to help at least a few of the families facing this desperate situation:

The Hope Now hotline (888 995-HOPE).

This is a mortgage-counseling phone line backed by lenders and the federal government that currently gets about 4,000 calls a day. Hotline counselors help borrowers negotiate with banks and offer advice on refinancing options. It is yet to be shown that this will have a significant impact, but, at least these homeowners now have an advocate that is there to listen.

Hopefully this can be of assistance to some of your customers as they struggle through these difficult times. If anyone knows of other groups who are coming forward to help these families, please let me know. Thanks!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Idaho Bonner County Sandpoint Schweitzer
Groups:
Realtors®
Idaho....Famous Potatoes and a whole lot more.
Coldwell Banker Group
Ski Golf Bike Hike Properties for Sale
Million Dollar Homes
Tags:
real estate investing
mortgages
foreclosures
fair housing
banking
bankruptcies
real estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
111,108
Steven Wright
Home Real Estate - Aurora, CO
CRS - Home Real Estate - 720-989-5283

Nice to see that there are some additional people out there trying to help.

Dec 26, 2008 02:58 PM #1
Ambassador
1,725,100
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Kent,

This is what I hear from some of my clients. Actually, I had a few, who were saying it a year ago. They were holding off with buying waiting for a better price. When the market started falling, they became prey themselves. This is something they did not expect. SOme of these people were investing and managing their money very carefully for 30 years.

 

Dec 26, 2008 03:09 PM #2
Rainmaker
490,257
Lori Mode
The Mode Real Estate Group - Elk Grove, CA
Real Estate Made Simple

The market here in the Sacramento area seems to be improving but you are definately right we are going to see a new batch of REO's in the Spring of 2009.

Dec 26, 2008 03:11 PM #3
Rainmaker
609,148
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

No bank wants to foreclose on a home. Most homeowners don't even know that QUALIFIED Realtors who have successfully closed short sale after short sale are out there. I am one of those Realtors & I am proud to say I've had much success negotiating short sales with lending institutions when a homeowner has been in crisis. The important thing here is to not choose just any Realtor as you really need to have someone who has experience & success in short sales- otherwise you're as good as foreclosed on.

Dec 26, 2008 03:14 PM #4
Rainmaker
605,394
Kelly Willey
Coco Plum Real Estate, Kelly Willey, FLORIDA KEYS - Marathon, FL
Florida Keys Luxury Sales, Marathon, Key Colony

In south florida it is the investor loans that are tanking and no one is helping them.....Kelly <><

Dec 27, 2008 11:33 PM #5
Rainmaker
206,567
Kent Anderson
Coldwell Banker Resort Realty, Sandpoint, Idaho - Sandpoint, ID
from Schweitzer to the Lake
Are you talking about spec homes and non-resident 2nd homes? Those are tanking here as well. Sandpoint is a fabulous 4-season resort community, but those are the areas that are really getting hit.
Dec 28, 2008 07:22 AM #6
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
206,567

Kent Anderson

from Schweitzer to the Lake
Ask me a question
*
*
*
*
Spam prevention

Additional Information